Daymark Wealth Partners LLC Reduces Stake in Snowflake Inc. (NYSE:SNOW)

On October 12, 2024, it was reported that Daymark Wealth Partners LLC has decreased its stake in Snowflake Inc. (NYSE:SNOW) by 14.8% during the third quarter. According to their most recent filing with the Securities & Exchange Commission (SEC), Daymark now holds 2,644 shares after selling 458 shares in the period. At the conclusion of the latest reporting period, their total holdings in Snowflake were valued at approximately $304,000.

In addition to Daymark, several other investment firms have also adjusted their positions in Snowflake. For example, Accent Capital Management LLC acquired a new stake in the company worth about $25,000 in the fourth quarter. Similarly, LRI Investments LLC increased their investment by 155.6%, now owning 184 shares worth $25,000 after acquiring an additional 112 shares during the second quarter. Wellington Shields Capital Management LLC also made a new investment during the second quarter, valued at around $27,000. Other noteworthy changes include Riverview Trust Co and Future Financial Wealth Management LLC, which purchased new stakes in Snowflake, worth $31,000 and $32,000, respectively. Overall, institutional investors and hedge funds control 65.10% of Snowflake’s stock.

Insider Transactions at Snowflake

In related corporate news, there have been notable insider transactions at Snowflake. Executive Vice President Christian Kleinerman sold 15,000 shares of the company on August 7, receiving an average price of $120.00 per share, totaling $1,800,000. Following this sale, Kleinerman directly holds 718,773 shares valued at approximately $86.25 million, showing a 0.00% change in his position. This sale was disclosed in a filing with the SEC. Additionally, insider Benoit Dageville sold 287 shares on September 23, at an average price of $111.41, which amounted to roughly $31,975. Dageville now owns 53,250 shares, valued at about $5.93 million. Over the last ninety days, insiders have sold a total of 59,538 shares valued at $7,049,994, with company insiders owning 7.80% of the stock.

Wall Street Analysts Update on Snowflake

In recent analysis, various Wall Street analysts have revised their views on Snowflake. For instance, Needham & Company LLC has cut their price target from $210.00 to $160.00 while maintaining a “buy” rating as of August 22. Meanwhile, the Goldman Sachs Group reaffirmed a “buy” rating with a price target of $220.00 in a previous report on July 1. Bank of America adjusted their target down from $200.00 to $160.00, assigning a “neutral” rating on August 16. UBS Group lowered their target price from $155.00 to $125.00 with a “neutral” rating on September 24. Furthermore, Morgan Stanley reiterated an “equal weight” rating with a target price of $175.00. In summary, there are two sell ratings, twelve hold ratings, and twenty-five buy ratings for Snowflake stock. The average rating currently stands at “Moderate Buy,” with a consensus price target of $174.74 according to MarketBeat data.

Snowflake's Recent Trading Performance

As of Friday, the shares of Snowflake (NYSE:SNOW) opened at $124.04. The company boasts a market capitalization of $41.58 billion, with a price-to-earnings ratio of -40.54 and a beta of 0.83. The stock is performing slightly better than before, with its 50-day simple moving average at $116.35 and its 200-day simple moving average at $134.69. The stock has seen a 12-month low of $107.13 and a high of $237.72.

The latest earnings report from Snowflake was issued on August 21, where the company reported earnings of $0.18 per share, exceeding the consensus estimate of $0.16 by $0.02. Revenue for the quarter reached $868.80 million, also surpassing expectations of $851.72 million. However, Snowflake recorded a negative return on equity of 19.62% and a negative net margin of 31.73%. Notably, this revenue reflects a growth of 28.9% compared to the same period last year, as last year’s earnings per share was reported at ($0.52). Analysts are predicting that Snowflake will report -2.41 earnings per share for the current fiscal year.

About Snowflake Inc.

Snowflake Inc. offers a cloud-based data platform to organizations in the U.S. and globally. Its primary offering, Data Cloud, empowers customers to consolidate their data into a single accessible source, enabling actionable business insights and the creation of data-driven applications.

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