OFI Invest Asset Management Boosts Stake in Snowflake Inc. $SNOW

OFI Invest Asset Management increased its position in Snowflake Inc. (NYSE:SNOW) by 3.9% in the 2nd quarter, Holdings Channel reports. The firm owned 6,508 shares of the company’s stock after buying an additional 245 shares during the period. OFI Invest Asset Management’s holdings in Snowflake were worth $1,456,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in SNOW. Brighton Jones LLC lifted its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Snowflake by 29.2% in the 1st quarter. Farther Finance Advisors LLC now owns 4,801 shares of the company’s stock valued at $718,000 after purchasing an additional 1,085 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Snowflake by 102.8% in the 1st quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock valued at $116,000 after purchasing an additional 402 shares during the last quarter. CX Institutional purchased a new stake in shares of Snowflake in the 1st quarter valued at about $42,000. Finally, NorthCrest Asset Manangement LLC lifted its holdings in shares of Snowflake by 47.5% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 11,486 shares of the company’s stock valued at $1,679,000 after purchasing an additional 3,701 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on SNOW shares. BTIG Research upped their price objective on Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Morgan Stanley upped their price objective on Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Wedbush upped their price objective on Snowflake from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Royal Bank Of Canada upped their price objective on Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Finally, DA Davidson reiterated a “buy” rating and set a $250.00 target price on shares of Snowflake in a research report on Monday, August 25th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $256.18.

Snowflake Stock Performance

SNOW opened at $242.52 on Friday. The stock has a market cap of $82.17 billion, a P/E ratio of -58.44 and a beta of 1.21. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The stock’s 50 day simple moving average is $218.64 and its 200 day simple moving average is $198.82. Snowflake Inc. has a 1-year low of $113.23 and a 1-year high of $255.39.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company’s revenue was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 EPS. As a group, equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael L. Speiser sold 2,976 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $236.01, for a total value of $702,365.76. Following the sale, the director owned 34,436 shares in the company, valued at $8,127,240.36. This represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Emily Ho sold 1,658 shares of the company’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following the completion of the sale, the chief accounting officer owned 31,745 shares in the company, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is owned by insiders.

Snowflake 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.