Vanguard Group Inc. Grows Position in Snowflake Inc. $SNOW

Vanguard Group Inc. grew its stake in Snowflake Inc. (NYSE:SNOW) by 2.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 27,789,761 shares of the company’s stock after buying an additional 595,553 shares during the quarter. Vanguard Group Inc. owned approximately 0.08% of Snowflake worth $6,218,515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC raised its position in Snowflake by 90.0% during the fourth 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 in the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Snowflake by 13.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 2,767 shares of the company’s stock worth $404,000 after purchasing an additional 326 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Snowflake by 7.2% during the 1st quarter. Private Advisor Group LLC now owns 25,041 shares of the company’s stock valued at $3,660,000 after purchasing an additional 1,678 shares during the last quarter. Kestra Private Wealth Services LLC raised its holdings in shares of Snowflake by 38.8% during the 1st quarter. Kestra Private Wealth Services LLC now owns 7,048 shares of the company’s stock valued at $1,030,000 after buying an additional 1,969 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Snowflake by 96.6% during the 1st quarter. IFP Advisors Inc now owns 9,572 shares of the company’s stock valued at $1,399,000 after buying an additional 4,703 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 0.7%

Shares of SNOW opened at $254.58 on Wednesday. The stock has a market capitalization of $86.25 billion, a P/E ratio of -61.35 and a beta of 1.23. Snowflake Inc. has a twelve month low of $120.10 and a twelve month high of $280.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a fifty day simple moving average of $245.17 and a two-hundred day simple moving average of $220.49.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The firm 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 company’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 earnings per share. On average, research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Stifel Nicolaus upped their target price on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Barclays boosted their price objective on shares of Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research note on Thursday, August 28th. Cowen reaffirmed a “buy” rating on shares of Snowflake in a report on Thursday, August 28th. Finally, DA Davidson reissued a “buy” rating and issued a $250.00 price target on shares of Snowflake in a research note on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $262.39.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the transaction, the executive vice president directly owned 527,336 shares of the company’s stock, valued at approximately $123,132,956. The trade was a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 931,388 shares of company stock worth $216,578,628. 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.