LRI Investments LLC Boosts Holdings in Snowflake Inc. $SNOW

LRI Investments LLC raised its holdings in Snowflake Inc. (NYSE:SNOW) by 645.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,402 shares of the company’s stock after purchasing an additional 1,214 shares during the quarter. LRI Investments LLC’s holdings in Snowflake were worth $314,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares during the period. Farther Finance Advisors LLC raised its position in shares of Snowflake by 29.2% in the first quarter. Farther Finance Advisors LLC now owns 4,801 shares of the company’s stock worth $718,000 after acquiring an additional 1,085 shares during the period. GAMMA Investing LLC raised its position in shares of Snowflake by 102.8% in the first quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock worth $116,000 after acquiring an additional 402 shares during the period. CX Institutional acquired a new position in shares of Snowflake in the first quarter worth about $42,000. Finally, NorthCrest Asset Manangement LLC raised its position in shares of Snowflake by 47.5% in the first quarter. NorthCrest Asset Manangement LLC now owns 11,486 shares of the company’s stock worth $1,679,000 after acquiring an additional 3,701 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Performance

Snowflake stock opened at $242.52 on Monday. The firm has a 50 day simple moving average of $218.64 and a 200-day simple moving average of $199.11. Snowflake Inc. has a 1-year low of $113.23 and a 1-year high of $255.39. 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 has a market cap of $82.17 billion, a price-to-earnings ratio of -58.44 and a beta of 1.21.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Canaccord Genuity Group upped their price objective on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Oppenheimer upped their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Scotiabank upped their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Stifel Nicolaus upped their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Barclays upped their price target on shares of Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $256.18.

Insiders Place Their Bets

In related news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Emily Ho sold 1,658 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the transaction, the chief accounting officer directly owned 31,745 shares of the company’s stock, valued at $7,150,561.25. The trade was a 4.96% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is currently owned by company insiders.

About Snowflake

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.