Pallas Capital Advisors LLC Cuts Stock Position in Snowflake Inc. (NYSE:SNOW)

Pallas Capital Advisors LLC reduced its position in Snowflake Inc. (NYSE:SNOW) by 50.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,719 shares of the company’s stock after selling 2,800 shares during the period. Pallas Capital Advisors LLC’s holdings in Snowflake were worth $313,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNOW. Strategic Wealth Investment Group LLC boosted its stake in Snowflake by 3.1% in the third quarter. Strategic Wealth Investment Group LLC now owns 5,904 shares of the company’s stock valued at $651,000 after acquiring an additional 175 shares in the last quarter. J.W. Cole Advisors Inc. acquired a new stake in shares of Snowflake in the 3rd quarter worth $231,000. Forsta AP Fonden boosted its position in shares of Snowflake by 12.0% in the 3rd quarter. Forsta AP Fonden now owns 63,500 shares of the company’s stock worth $7,294,000 after purchasing an additional 6,800 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Snowflake by 6.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 80,479 shares of the company’s stock valued at $9,168,000 after buying an additional 4,634 shares in the last quarter. Finally, Allworth Financial LP raised its stake in Snowflake by 2,650.2% in the third quarter. Allworth Financial LP now owns 18,674 shares of the company’s stock valued at $2,145,000 after buying an additional 17,995 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $114.82 on Friday. The firm has a fifty day moving average of $114.71 and a 200 day moving average of $130.91. The firm has a market cap of $38.49 billion, a PE ratio of -37.52 and a beta of 0.83. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.52) earnings per share. On average, equities analysts predict that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the sale, the executive vice president now directly owns 721,755 shares in the company, valued at $86,610,600. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was 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 $23,998,330.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock valued at $7,049,994 over the last quarter. 7.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SNOW shares. UBS Group dropped their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. Jefferies Financial Group dropped their target price on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Loop Capital decreased 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. Evercore ISI dropped their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Wedbush upgraded Snowflake to a “hold” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.74.

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.