Capital Trust Reduces Snowflake
In an unexpected move, Central Trust Co. has reduced its stake in Snowflake Inc. (NYSE:SNOW) by 79.3%, according to the company’s recent filing with the Securities and Exchange Commission (SEC). The institutional investor sold off 5,059 shares of Snowflake during the fourth quarter, leaving them with only 1,323 shares worth $190,000 at the end of the reporting period. This surprising development comes amidst the current economic landscape and Snowflake’s recent quarterly earnings results, where the company failed to meet analysts’ consensus estimates for earnings per share (EPS).
Snowflake, a cloud-based data platform provider, announced its quarterly earnings results on March 1st, reporting a loss of ($0.60) EPS compared to expectations of ($0.48). This resulted in a negative net margin of 38.57% and negative return on equity of 13.87%. However, despite this setback, Snowflake generated $589.01 million in revenue for the quarter, beating market predictions by $17.44 million.
As a business, Snowflake has been recognized nationally and internationally for its innovative solutions in data management. Their cloud-based data platforms enable organizations to streamline their data sources into one central location, allowing for valuable insights and data-driven applications. Despite its recent performance, Snowflake’s reputation within the industry remains strong.
Central Trust Co.’s decision to reduce its stake in Snowflake may have come as a surprise to some investors who recognize the potential growth prospects of the company as businesses increasingly shift towards digital operations. However, other Institutional investors at large have increased their stake in Snowflake, indicating continued interest in the company.
As Snowflake continues to navigate the changing business landscape and global economic uncertainty, it will be crucial to monitor how the company pivots, grows, and adjusts its offerings to better serve its clients. With institutional ownership remaining strong and continued interest from investors, Snowflake’s performance as an investment will be closely watched in the coming months.
SNOW Stock Forecast & Analysis
According to 39 analysts, the average target price for Snowflake Inc. stock over the next 12 months is USD 187.48, with an overall rating of Strong Buy. However, Stock Target Advisor’s analysis of Snowflake Inc. is Bearish, based on 2 positive signals and 6 negative signals. As of the last closing, Snowflake Inc.’s stock price was USD 147.77, showing a change of -1.49% over the past week, +12.41% over the past month, and -29.07% over the last year.
