Credit Suisse AG Reduces Holdings in Snowflake Inc. (NYSE:SNOW)

Posted by Defense World Staff on Aug 22nd, 2023

Credit Suisse AG trimmed its stake in Snowflake Inc. (NYSE:SNOW – Free Report) by 24.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 235,855 shares of the company’s stock after selling 76,362 shares during the period. Credit Suisse AG owned 0.07% of Snowflake worth $36,390,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its position in shares of Snowflake by 333.3% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 100 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Snowflake by 822.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 166 shares of the company’s stock worth $38,000 after purchasing an additional 148 shares during the period. BerganKDV Wealth Management LLC lifted its position in shares of Snowflake by 153.7% in the 1st quarter. BerganKDV Wealth Management LLC now owns 170 shares of the company’s stock worth $26,000 after purchasing an additional 103 shares during the period. M&R Capital Management Inc. lifted its position in shares of Snowflake by 100.0% in the 1st quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock worth $31,000 after purchasing an additional 100 shares during the period. Finally, Manchester Capital Management LLC increased its stake in shares of Snowflake by 1,264.7% in the 1st quarter. Manchester Capital Management LLC now owns 232 shares of the company’s stock worth $36,000 after acquiring an additional 215 shares in the last quarter. 63.55% of the stock is owned by hedge funds and other institutional investors.

Snowflake Trading Up 2.9 %

SNOW opened at $151.90 on Tuesday. The company has a market cap of $49.50 billion, a price-to-earnings ratio of -56.89 and a beta of 0.75. The company’s 50 day moving average is $171.28 and its 200 day moving average is $159.74. Snowflake Inc. has a 12-month low of $119.27 and a 12-month high of $205.66.

Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings results on Wednesday, May 24th. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.24). Snowflake had a negative net margin of 37.78% and a negative return on equity of 14.81%. The firm had revenue of $623.60 million for the quarter, compared to analysts’ expectations of $607.57 million. As a group, analysts predict that Snowflake Inc. will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, Director Mark D. Mclaughlin purchased 1,831 shares of the stock in a transaction on Wednesday, May 31st. The shares were acquired at an average price of $163.80 per share, with a total value of $299,917.80. Following the completion of the acquisition, the director now directly owns 8,657 shares of the company’s stock, valued at $1,418,016.60. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Mark D. Mclaughlin purchased 1,831 shares of the stock in a transaction on Wednesday, May 31st. The shares were acquired at an average price of $163.80 per share, with a total value of $299,917.80. Following the completion of the acquisition, the director now directly owns 8,657 shares of the company’s stock, valued at $1,418,016.60. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frank Slootman sold 1,724 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $174.31, for a total transaction of $300,510.44. Following the completion of the transaction, the chief executive officer now directly owns 185,683 shares in the company, valued at approximately $32,366,403.73. The disclosure for this sale can be found here. Insiders have sold 633,743 shares of company stock valued at $112,354,939 over the last 90 days. 8.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Oppenheimer increased their price target on shares of Snowflake from $190.00 to $220.00 in a research note on Monday, July 17th. Jefferies Financial Group increased their price target on shares of Snowflake from $180.00 to $205.00 in a research note on Friday, June 30th. Loop Capital decreased their price target on shares of Snowflake from $200.00 to $195.00 in a research note on Thursday, May 25th. Rosenblatt Securities lowered shares of Snowflake from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $188.00 to $170.00 in a research note on Thursday, May 25th. Finally, Raymond James increased their price target on shares of Snowflake from $170.00 to $180.00 in a research note on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.35.

Check Out Our Latest Report on SNOW

Snowflake Profile

(Free Report)

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.