Oppenheimer Asset Management Inc. Increases Stake in Snowflake Inc. $SNOW

Oppenheimer Asset Management Inc. grew its position in Snowflake Inc. (NYSE:SNOW) by 13.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 23,614 shares of the company’s stock after purchasing an additional 2,881 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Snowflake were worth $5,284,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the second quarter valued at $25,000. Avion Wealth raised its stake in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the period. Whittier Trust Co. raised its stake in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after acquiring an additional 82 shares during the period. LGT Financial Advisors LLC purchased a new stake in shares of Snowflake in the second quarter valued at $36,000. Finally, Golden State Wealth Management LLC raised its stake in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after acquiring an additional 187 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Snowflake in a report on Wednesday, October 8th. BTIG Research upped their price target on shares of Snowflake from $235.00 to $276.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Cantor Fitzgerald upped their price target on shares of Snowflake from $242.00 to $275.00 and gave the stock an “overweight” rating in a 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 report on Thursday, August 28th. Finally, Canaccord Genuity Group upped their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.24.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the sale, the director directly owned 153,226 shares of the company’s stock, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated 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 sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Up 3.3%

Shares of Snowflake stock opened at $266.48 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $267.80. The firm’s 50-day moving average is $229.15 and its two-hundred day moving average is $207.17. The stock has a market cap of $90.28 billion, a price-to-earnings ratio of -64.21 and a beta of 1.21.

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

Snowflake Company 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.