Clearbridge Investments LLC Sells 379,280 Shares of Snowflake Inc. (NYSE:SNOW)

Clearbridge Investments LLC lessened its position in Snowflake Inc. (NYSE:SNOW) by 24.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,196,034 shares of the company’s stock after selling 379,280 shares during the period. Clearbridge Investments LLC’s holdings in Snowflake were worth $161,572,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Comerica Bank lifted its stake in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares during the last quarter. Choreo LLC grew its stake in Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after buying an additional 1,294 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Snowflake by 23.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after purchasing an additional 43,062 shares during the period. Ridgewood Investments LLC bought a new position in Snowflake during the 1st quarter worth $244,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after buying an additional 42,563 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on SNOW shares. TD Cowen decreased their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and boosted their price target for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Hsbc Global Res raised Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Barclays cut their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $175.17.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the completion of the sale, the executive vice president now owns 733,773 shares of the company’s stock, valued at $104,914,863.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,386 shares of company stock valued at $5,715,941. 7.80% of the stock is currently owned by company insiders.

Snowflake Stock Down 4.0 %

Shares of Snowflake stock opened at $110.23 on Wednesday. The stock has a market cap of $36.95 billion, a price-to-earnings ratio of -39.37 and a beta of 0.83. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The company’s fifty day moving average is $118.10 and its 200 day moving average is $136.75.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the company posted ($0.52) EPS. The business’s revenue was up 28.9% on a year-over-year basis. As a group, equities analysts anticipate that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Snowflake Company 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, as well as applies artificial intelligence (AI) for solving business problems.