Bank of Montreal Can Lowers Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Bank of Montreal Can reduced its stake in Snowflake Inc. (NYSE:SNOWGet Rating) by 23.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,389 shares of the company’s stock after selling 20,482 shares during the period. Bank of Montreal Can’s holdings in Snowflake were worth $10,021,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Main Street Financial Solutions LLC raised its stake in shares of Snowflake by 4.6% in the second quarter. Main Street Financial Solutions LLC now owns 1,820 shares of the company’s stock valued at $253,000 after acquiring an additional 80 shares in the last quarter. Quantum Private Wealth LLC raised its stake in shares of Snowflake by 2.4% in the first quarter. Quantum Private Wealth LLC now owns 3,634 shares of the company’s stock valued at $832,000 after acquiring an additional 85 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Snowflake by 0.7% in the first quarter. Victory Capital Management Inc. now owns 13,338 shares of the company’s stock valued at $2,287,000 after acquiring an additional 93 shares in the last quarter. Shell Asset Management Co. raised its stake in shares of Snowflake by 1.2% in the first quarter. Shell Asset Management Co. now owns 7,790 shares of the company’s stock valued at $1,785,000 after acquiring an additional 95 shares in the last quarter. Finally, M&R Capital Management Inc. raised its stake in shares of Snowflake by 50.0% in the second quarter. M&R Capital Management Inc. now owns 300 shares of the company’s stock valued at $41,000 after acquiring an additional 100 shares in the last quarter. 66.74% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Up 2.2 %

Shares of SNOW opened at $146.45 on Thursday. Snowflake Inc. has a twelve month low of $110.26 and a twelve month high of $378.11. The stock’s 50 day moving average is $164.36 and its two-hundred day moving average is $155.11.

Snowflake (NYSE:SNOWGet Rating) last posted its quarterly earnings results on Wednesday, August 24th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.16). Snowflake had a negative net margin of 41.25% and a negative return on equity of 12.57%. The company had revenue of $497.25 million for the quarter, compared to analyst estimates of $466.03 million. As a group, analysts anticipate that Snowflake Inc. will post -2 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Teresa Briggs sold 1,224 shares of Snowflake stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $195.73, for a total transaction of $239,573.52. Following the completion of the sale, the director now directly owns 2,217 shares in the company, valued at approximately $433,933.41. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Teresa Briggs sold 1,224 shares of Snowflake stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $195.73, for a total transaction of $239,573.52. Following the completion of the sale, the director now directly owns 2,217 shares in the company, valued at approximately $433,933.41. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Frank Slootman sold 1,651 shares of Snowflake stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $181.11, for a total value of $299,012.61. Following the transaction, the chief executive officer now owns 135,781 shares of the company’s stock, valued at $24,591,296.91. The disclosure for this sale can be found here. In the last three months, insiders sold 3,599 shares of company stock worth $669,710. Company insiders own 8.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Barclays cut their price target on Snowflake from $207.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, November 18th. Capital One Financial assumed coverage on Snowflake in a research note on Friday, August 19th. They issued an “equal weight” rating and a $182.00 price target on the stock. Cowen raised their price target on Snowflake from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 25th. Moffett Nathanson assumed coverage on Snowflake in a research note on Thursday, September 22nd. They issued a “buy” rating and a $242.00 price target on the stock. Finally, Loop Capital raised their price target on Snowflake from $180.00 to $210.00 in a research note on Thursday, August 25th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $211.97.

Snowflake Company Profile

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.

See Also

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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