TCW Group Inc. Reduces Holdings in Snowflake Inc. (NYSE:SNOW)

TCW Group Inc. trimmed its stake in Snowflake Inc. (NYSE:SNOWFree Report) by 8.0% in the 4th quarter, HoldingsChannel reports. The firm owned 380,356 shares of the company’s stock after selling 32,913 shares during the period. TCW Group Inc.’s holdings in Snowflake were worth $75,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Provence Wealth Management Group bought a new stake in Snowflake during the 3rd quarter valued at about $30,000. Global Wealth Management Investment Advisory Inc. raised its holdings in shares of Snowflake by 89.0% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. M&R Capital Management Inc. lifted its stake in Snowflake by 100.0% in the fourth quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock worth $40,000 after acquiring an additional 100 shares during the period. Parkside Financial Bank & Trust grew its holdings in Snowflake by 34.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after acquiring an additional 52 shares in the last quarter. Finally, Valley National Advisers Inc. raised its holdings in shares of Snowflake by 154.8% in the 3rd quarter. Valley National Advisers Inc. now owns 293 shares of the company’s stock valued at $45,000 after purchasing an additional 178 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SNOW. Bank of America dropped their price target on Snowflake from $212.00 to $200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 15th. Mizuho restated a “buy” rating and issued a $205.00 price target (down previously from $255.00) on shares of Snowflake in a research note on Thursday, February 29th. Scotiabank cut their price objective on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating for the company in a research note on Thursday. Guggenheim upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $220.00 price objective on shares of Snowflake in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $201.19.

View Our Latest Research Report on Snowflake

Insiders Place Their Bets

In related news, Director Mark D. Mclaughlin purchased 3,030 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the acquisition, the director now directly owns 11,687 shares in the company, valued at $1,933,614.15. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Sridhar Ramaswamy acquired 31,542 shares of the business’s stock in a transaction on Monday, March 25th. The shares were purchased at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the acquisition, the chief executive officer now owns 31,542 shares in the company, valued at $5,000,037.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark D. Mclaughlin bought 3,030 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were bought at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the completion of the acquisition, the director now owns 11,687 shares of the company’s stock, valued at $1,933,614.15. The disclosure for this purchase can be found here. Insiders have sold a total of 62,380 shares of company stock valued at $9,803,625 in the last quarter. 8.30% of the stock is currently owned by company insiders.

Snowflake Stock Performance

Snowflake stock traded down $8.76 during midday trading on Thursday, reaching $154.58. The company’s stock had a trading volume of 19,393,272 shares, compared to its average volume of 6,169,697. The stock’s 50 day simple moving average is $157.13 and its 200 day simple moving average is $180.26. The firm has a market capitalization of $51.66 billion, a PE ratio of -59.95 and a beta of 0.90. Snowflake Inc. has a fifty-two week low of $138.40 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOWGet Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Equities analysts predict that Snowflake Inc. will post -1.83 earnings per share for the current year.

About Snowflake

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

Further Reading

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOWFree Report).

Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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