Prudential PLC Sells 2,665 Shares of Snowflake Inc. (NYSE:SNOW)

Prudential PLC lessened its position in Snowflake Inc. (NYSE:SNOW) by 28.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,615 shares of the company’s stock after selling 2,665 shares during the period. Prudential PLC’s holdings in Snowflake were worth $894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Snowflake during the 4th quarter worth about $838,455,000. Swedbank AB bought a new stake in shares of Snowflake during the 1st quarter worth about $258,957,000. Vanguard Group Inc. boosted its holdings in shares of Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after buying an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Snowflake during the 1st quarter worth about $171,608,000. Finally, Cibc World Markets Corp bought a new stake in shares of Snowflake during the 4th quarter worth about $147,120,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

SNOW opened at $112.99 on Friday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The firm has a market capitalization of $37.87 billion, a price-to-earnings ratio of -40.35 and a beta of 0.84. The company’s 50 day moving average price is $124.07 and its two-hundred day moving average price is $143.55.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the previous year, the firm posted ($0.52) EPS. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, equities research analysts predict that Snowflake Inc. will post -2.42 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the sale, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the sale, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the completion of the sale, the insider now directly owns 58,791 shares in the company, valued at $7,360,045.29. The disclosure for this sale can be found here. Insiders have sold 512,262 shares of company stock valued at $63,340,261 in the last ninety days. 7.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on SNOW shares. JMP Securities reduced their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Loop Capital cut their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and boosted their price objective for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Finally, Evercore ISI cut their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

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.