Victory Capital Management Inc. Cuts Stake in Snowflake Inc. $SNOW

Victory Capital Management Inc. reduced its position in Snowflake Inc. (NYSE:SNOW) by 7.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 389,786 shares of the company’s stock after selling 29,835 shares during the period. Victory Capital Management Inc.’s holdings in Snowflake were worth $87,916,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its position in Snowflake by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company’s stock worth $165,123,000 after acquiring an additional 8,002 shares during the period. Federated Hermes Inc. increased its stake in shares of Snowflake by 13.5% during the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company’s stock worth $92,047,000 after purchasing an additional 48,411 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of Snowflake by 32.8% during the third quarter. Penserra Capital Management LLC now owns 153,358 shares of the company’s stock worth $34,586,000 after purchasing an additional 37,911 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Snowflake by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock worth $6,461,465,000 after purchasing an additional 857,832 shares during the last quarter. Finally, Rheos Capital Works Inc. lifted its stake in Snowflake by 102.9% in the 3rd quarter. Rheos Capital Works Inc. now owns 207,000 shares of the company’s stock valued at $46,689,000 after buying an additional 105,000 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the completion of the transaction, the director directly owned 32,756 shares in the company, valued at $7,555,171.40. This trade represents a 60.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the sale, the senior vice president owned 218,020 shares in the company, valued at $48,060,328.80. This trade represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 713,681 shares of company stock valued at $147,419,318. 6.80% of the stock is owned by insiders.

Snowflake Price Performance

NYSE:SNOW opened at $168.30 on Thursday. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The stock’s fifty day moving average is $195.57 and its two-hundred day moving average is $222.18. The company has a market capitalization of $57.59 billion, a P/E ratio of -42.61 and a beta of 1.16. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Snowflake had a negative return on equity of 48.50% and a negative net margin of 28.43%.The company’s revenue was up 30.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. Equities analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SNOW shares. Evercore boosted their price objective on Snowflake from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, December 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Snowflake in a research report on Wednesday, January 21st. Sanford C. Bernstein lowered their price target on shares of Snowflake from $237.00 to $195.00 and set a “market perform” rating on the stock in a research report on Thursday, February 26th. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $275.00 to $282.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Piper Sandler lowered their target price on Snowflake from $285.00 to $230.00 and set an “overweight” rating on the stock in a report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $248.58.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.