Sigma Planning Corp Lowers Holdings in Snowflake Inc. (NYSE:SNOW)

Posted by Defense World Staff on Feb 24th, 2023

Sigma Planning Corp decreased its holdings in Snowflake Inc. (NYSE:SNOW – Get Rating) by 40.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,281 shares of the company’s stock after selling 865 shares during the quarter. Sigma Planning Corp’s holdings in Snowflake were worth $218,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its holdings in shares of Snowflake by 79.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock worth $984,000 after purchasing an additional 1,897 shares during the period. MetLife Investment Management LLC purchased a new stake in shares of Snowflake during the 1st quarter worth about $2,880,000. Panagora Asset Management Inc. grew its holdings in shares of Snowflake by 24.8% during the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock worth $623,000 after purchasing an additional 540 shares during the period. Raymond James Trust N.A. purchased a new stake in shares of Snowflake during the 1st quarter worth about $362,000. Finally, Cibc World Market Inc. grew its holdings in shares of Snowflake by 37.2% during the 1st quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock worth $3,198,000 after purchasing an additional 3,783 shares during the period. Hedge funds and other institutional investors own 65.31% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW opened at $153.12 on Friday. The stock has a fifty day moving average price of $148.14 and a 200 day moving average price of $158.05. Snowflake Inc. has a 12 month low of $110.26 and a 12 month high of $275.89.

Snowflake (NYSE:SNOW – Get Rating) last released its quarterly earnings results on Wednesday, November 30th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.14). Snowflake had a negative return on equity of 12.98% and a negative net margin of 38.79%. The business had revenue of $557.03 million during the quarter, compared to the consensus estimate of $535.81 million. On average, equities analysts forecast that Snowflake Inc. will post -2.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Evercore ISI decreased their target price on Snowflake to $196.00 in a report on Friday, December 2nd. Canaccord Genuity Group reduced their price target on Snowflake from $220.00 to $195.00 in a research report on Thursday, December 1st. Piper Sandler reduced their price target on Snowflake from $200.00 to $194.00 and set an “overweight” rating on the stock in a research report on Monday, January 9th. Scotiabank began coverage on Snowflake in a research report on Wednesday, January 18th. They set a “sector perform” rating and a $125.00 price target on the stock. Finally, Rosenblatt Securities reduced their price target on Snowflake to $200.00 in a research report on Friday, December 2nd. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.10.

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 200,000 shares of the stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $151.76, for a total value of $30,352,000.00. Following the completion of the transaction, the chief financial officer now owns 101,097 shares of the company’s stock, valued at $15,342,480.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Michael Scarpelli sold 200,000 shares of the company’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $151.76, for a total value of $30,352,000.00. Following the completion of the sale, the chief financial officer now owns 101,097 shares in the company, valued at $15,342,480.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benoit Dageville sold 724 shares of the company’s stock in a transaction on Friday, December 9th. The shares were sold at an average price of $142.59, for a total value of $103,235.16. Following the completion of the sale, the insider now owns 14,404 shares of the company’s stock, valued at approximately $2,053,866.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 202,035 shares of company stock valued at $30,642,171. 8.90% of the stock is currently owned by corporate insiders.

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.