Forsta AP Fonden Sells 15,400 Shares of Snowflake Inc. (NYSE:SNOW)

Forsta AP Fonden decreased its position in shares of Snowflake Inc. (NYSE:SNOW) by 21.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,700 shares of the company’s stock after selling 15,400 shares during the quarter. Forsta AP Fonden’s holdings in Snowflake were worth $7,660,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SNOW. Vanguard Group Inc. raised its holdings in Snowflake by 1.4% in the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after purchasing an additional 297,428 shares during the period. Jennison Associates LLC raised its stake in Snowflake by 3.7% during the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after buying an additional 249,249 shares during the period. Sands Capital Management LLC lifted its holdings in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after acquiring an additional 610,970 shares in the last quarter. Norges Bank acquired a new position in Snowflake in the fourth quarter valued at about $838,455,000. Finally, WCM Investment Management LLC increased its holdings in shares of Snowflake by 0.6% in the first quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock worth $298,644,000 after acquiring an additional 11,677 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Snowflake news, insider Benoit Dageville sold 1,295 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the transaction, the insider now owns 58,791 shares in the company, valued at approximately $7,360,045.29. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now owns 4,247 shares of the company’s stock, valued at $607,236.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 512,262 shares of company stock valued at $63,340,261. 7.80% of the stock is owned by insiders.

Snowflake Price Performance

SNOW stock opened at $113.68 on Friday. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The stock has a market cap of $38.06 billion, a price-to-earnings ratio of -40.60 and a beta of 0.83. The company has a fifty day moving average price of $123.48 and a two-hundred day moving average price of $142.73.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.52) EPS. Research analysts anticipate that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. TD Cowen cut their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 19th. Loop Capital reduced their price target on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. UBS Group lowered their price objective on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a research report on Monday, August 19th. Royal Bank of Canada cut their price objective on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 5th. Finally, Robert W. Baird lowered their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

Snowflake Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.