Snowflake Inc. $SNOW Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 82.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,669 shares of the company’s stock after selling 54,785 shares during the quarter. Principal Financial Group Inc.’s holdings in Snowflake were worth $2,632,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Avion Wealth increased its stake in shares of Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Snowflake in the third quarter valued at about $25,000. Tripletail Wealth Management LLC acquired a new stake in Snowflake during the third quarter worth about $28,000. Rossby Financial LCC increased its position in Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares during the last quarter. Finally, SJS Investment Consulting Inc. raised its stake in Snowflake by 4,333.3% during the third quarter. SJS Investment Consulting Inc. now owns 133 shares of the company’s stock worth $30,000 after purchasing an additional 130 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 200,000 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $221.83, for a total value of $44,366,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at $11,164,482.07. This trade represents a 79.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $230.65, for a total value of $11,610,459.70. Following the completion of the transaction, the director owned 32,756 shares of the company’s stock, valued at $7,555,171.40. The trade was a 60.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 613,681 shares of company stock valued at $130,573,518. Company insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the subject of several analyst reports. The Goldman Sachs Group dropped their price target on shares of Snowflake from $286.00 to $246.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Canaccord Genuity Group raised their target price on Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. TD Cowen restated a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 price target on shares of Snowflake in a report on Thursday, December 4th. Finally, Rosenblatt Securities boosted their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a report on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.68.

Snowflake Price Performance

SNOW opened at $182.37 on Tuesday. The stock’s 50-day moving average price is $207.74 and its 200 day moving average price is $224.91. Snowflake Inc. has a 12-month low of $120.10 and a 12-month high of $280.67. The firm has a market cap of $62.41 billion, a price-to-earnings ratio of -45.14 and a beta of 1.14. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 28.7% compared to the same quarter last year. As a group, sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.