Gabelli Funds LLC Lowers Holdings in Snowflake Inc. (NYSE:SNOW)

Gabelli Funds LLC cut its position in Snowflake Inc. (NYSE:SNOW) by 31.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,403 shares of the company’s stock after selling 24,550 shares during the quarter. Gabelli Funds LLC’s holdings in Snowflake were worth $9,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Cigna Investments Inc. New lifted its stake in Snowflake by 1.9% in the 2nd quarter. Cigna Investments Inc. New now owns 3,244 shares of the company’s stock worth $571,000 after purchasing an additional 61 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Snowflake by 0.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,232 shares of the company’s stock valued at $2,505,000 after buying an additional 63 shares in the last quarter. Verus Capital Partners LLC raised its position in shares of Snowflake by 1.7% during the 1st quarter. Verus Capital Partners LLC now owns 3,803 shares of the company’s stock valued at $587,000 after buying an additional 64 shares in the last quarter. Main Street Financial Solutions LLC raised its position in shares of Snowflake by 2.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 2,484 shares of the company’s stock valued at $437,000 after buying an additional 71 shares in the last quarter. Finally, Edge Capital Group LLC raised its position in shares of Snowflake by 1.5% during the 2nd quarter. Edge Capital Group LLC now owns 5,098 shares of the company’s stock valued at $897,000 after buying an additional 76 shares in the last quarter. 63.74% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

Shares of Snowflake stock opened at $166.85 on Tuesday. The stock has a market capitalization of $55.01 billion, a PE ratio of -62.73 and a beta of 0.77. Snowflake Inc. has a 52-week low of $119.27 and a 52-week high of $193.94. The company has a 50-day simple moving average of $154.74 and a two-hundred day simple moving average of $163.47.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.12. The business had revenue of $674.00 million during the quarter, compared to analysts’ expectations of $662.22 million. Snowflake had a negative net margin of 35.22% and a negative return on equity of 14.07%. The business’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.67) earnings per share. As a group, equities research analysts forecast that Snowflake Inc. will post -1.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SNOW shares. DA Davidson started coverage on shares of Snowflake in a research report on Thursday, September 7th. They set a “buy” rating and a $200.00 price objective on the stock. Raymond James lowered their price objective on shares of Snowflake from $180.00 to $170.00 and set an “outperform” rating on the stock in a research report on Thursday, August 24th. StockNews.com initiated coverage on shares of Snowflake in a research report on Thursday, October 5th. They set a “sell” rating on the stock. Barclays decreased their target price on shares of Snowflake from $190.00 to $183.00 and set an “overweight” rating on the stock in a research report on Thursday, August 24th. Finally, Wells Fargo & Company lifted their target price on shares of Snowflake from $195.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, August 24th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $189.52.

Insider Activity

In other news, SVP Grzegorz Czajkowski sold 694 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $166.27, for a total transaction of $115,391.38. Following the completion of the transaction, the senior vice president now directly owns 54,701 shares of the company’s stock, valued at $9,095,135.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Frank Slootman sold 1,311 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $170.07, for a total transaction of $222,961.77. Following the completion of the transaction, the chief executive officer now directly owns 182,913 shares of the company’s stock, valued at $31,108,013.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Grzegorz Czajkowski sold 694 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $166.27, for a total transaction of $115,391.38. Following the transaction, the senior vice president now directly owns 54,701 shares of the company’s stock, valued at $9,095,135.27. The disclosure for this sale can be found here. Insiders sold 92,446 shares of company stock valued at $14,733,361 over the last three months. Insiders own 8.30% of the company’s stock.

Snowflake Profile

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.