Inspire Investing LLC Sells 785 Shares of Snowflake Inc. (NYSE:SNOW)

Inspire Investing LLC cut its holdings in Snowflake Inc. (NYSE:SNOW) by 28.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,944 shares of the company’s stock after selling 785 shares during the quarter. Inspire Investing LLC’s holdings in Snowflake were worth $263,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Comerica Bank grew its stake in shares of Snowflake by 17.2% during the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after purchasing an additional 4,296 shares during the period. Choreo LLC increased its stake in shares of Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,294 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Snowflake by 23.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after acquiring an additional 43,062 shares during the period. Ridgewood Investments LLC bought a new position in Snowflake during the 1st quarter worth approximately $244,000. Finally, Cetera Investment Advisers grew its holdings in Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SNOW shares. DA Davidson reduced their price target on shares of Snowflake from $230.00 to $175.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and lifted their target price for the stock from $119.00 to $121.00 in a report on Friday, August 23rd. Citigroup lowered their price target on Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. 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. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $220.00 target price on shares of Snowflake in a research note on Monday, July 1st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $175.17.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Snowflake news, Director Frank Slootman sold 1,606 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 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 $2,144,700.00. Following the completion of the sale, the executive vice president now owns 733,773 shares of the company’s stock, valued at $104,914,863.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,386 shares of company stock worth $5,715,941. Company insiders own 7.80% of the company’s stock.

Snowflake Price Performance

NYSE:SNOW opened at $112.68 on Wednesday. The company has a market cap of $37.73 billion, a P/E ratio of -40.24 and a beta of 0.83. The firm’s fifty day moving average price is $120.46 and its two-hundred day moving average price is $138.78. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.52) EPS. As a group, equities research analysts expect that Snowflake Inc. will post -2.42 earnings per share for the current year.

About Snowflake

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.