First Trust Direct Indexing L.P. Increases Stock Position in Snowflake Inc. (NYSE:SNOW)

First Trust Direct Indexing L.P. boosted its stake in Snowflake Inc. (NYSE:SNOW) by 57.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,090 shares of the company’s stock after acquiring an additional 1,124 shares during the period. First Trust Direct Indexing L.P.’s holdings in Snowflake were worth $615,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cigna Investments Inc. New raised its holdings in shares of Snowflake by 1.6% in the fourth quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock valued at $656,000 after buying an additional 51 shares during the last quarter. E&G Advisors LP raised its holdings in shares of Snowflake by 3.0% in the fourth quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock valued at $352,000 after buying an additional 51 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Snowflake by 34.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the last quarter. Valley National Advisers Inc. raised its holdings in shares of Snowflake by 18.1% in the fourth quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock valued at $68,000 after buying an additional 53 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its holdings in shares of Snowflake by 5.8% in the fourth quarter. AdvisorNet Financial Inc now owns 1,106 shares of the company’s stock valued at $220,000 after buying an additional 61 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. HSBC reaffirmed a “reduce” rating on shares of Snowflake in a report on Thursday, February 29th. Bank of America dropped their price target on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. BNP Paribas upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price target on the stock in a research note on Thursday. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, Redburn Atlantic reaffirmed a “sell” rating and issued a $125.00 price target (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $202.77.

Insiders Place Their Bets

In other Snowflake news, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.98, for a total transaction of $235,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 28,393 shares of the company’s stock, valued at approximately $4,457,133.14. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.98, for a total value of $235,470.00. Following the transaction, the chief accounting officer now directly owns 28,393 shares in the company, valued at approximately $4,457,133.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Frank Slootman sold 86,078 shares of Snowflake stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the sale, the chief executive officer now owns 180,143 shares in the company, valued at $40,555,593.59. The disclosure for this sale can be found here. Insiders sold a total of 158,458 shares of company stock valued at $31,585,640 in the last ninety days. Corporate insiders own 8.30% of the company’s stock.

Snowflake Price Performance

Shares of SNOW stock opened at $159.32 on Monday. The firm has a market cap of $53.24 billion, a P/E ratio of -62.48 and a beta of 0.90. Snowflake Inc. has a 1-year low of $138.40 and a 1-year high of $237.72. The firm has a fifty day moving average of $163.20 and a two-hundred day moving average of $179.12.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. The company had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, sell-side analysts expect that Snowflake Inc. will post -1.9 EPS for the current year.

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.