Coastline Trust Co Reduces Stock Holdings in Snowflake Inc. $SNOW

Coastline Trust Co trimmed its position in Snowflake Inc. (NYSE:SNOW) by 18.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 7,204 shares of the company’s stock after selling 1,610 shares during the period. Coastline Trust Co’s holdings in Snowflake were worth $2,446,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Basecamp Wealth Advisors LLC boosted its stake in shares of Snowflake by 140.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock worth $30,000 after buying an additional 118 shares during the last quarter. Emerald Advisers LLC increased its position in shares of Snowflake by 95.2% during the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after acquiring an additional 100 shares during the last quarter. MV Capital Management Inc. bought a new stake in Snowflake during the fourth quarter worth $32,000. Copos Capital S.a r.l. bought a new stake in Snowflake during the fourth quarter worth $35,000. Finally, Global Assets Advisory LLC purchased a new position in Snowflake in the first quarter worth $37,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

SNOW stock traded down $0.72 during midday trading on Thursday, reaching $338.84. 2,041,874 shares of the company’s stock traded hands, compared to its average volume of 6,598,656. The firm has a market capitalization of $119.54 billion, a PE ratio of -106.60 and a beta of 1.33. The company has a 50-day moving average price of $322.17 and a two-hundred day moving average price of $240.91. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $384.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%.The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the business earned $0.35 earnings per share. The firm’s quarterly revenue was up 35.1% compared to the same quarter last year. As a group, equities analysts anticipate that Snowflake Inc. will post -1.46 EPS for the current year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 25,000 shares of Snowflake stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the completion of the transaction, the executive vice president owned 340,379 shares of the company’s stock, valued at $110,623,175. The trade was a 6.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 289,685 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $274.39, for a total transaction of $79,486,667.15. Following the completion of the sale, the director directly owned 28,535 shares in the company, valued at approximately $7,829,718.65. The trade was a 91.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,231,772 shares of company stock worth $386,823,616 in the last 90 days. 4.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on SNOW. BTIG Research upped their price objective on Snowflake from $340.00 to $424.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Citigroup boosted their price target on shares of Snowflake from $395.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Oppenheimer raised their price objective on shares of Snowflake from $400.00 to $475.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Cantor Fitzgerald lifted their price objective on shares of Snowflake from $405.00 to $430.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Finally, Robert W. Baird set a $450.00 target price on shares of Snowflake in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $414.24.

Snowflake Profile

Snowflake Inc (NYSE: SNOW) provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake’s services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.