Covestor Ltd Raises Holdings in Snowflake Inc. (NYSE:SNOW)

Covestor Ltd raised its holdings in Snowflake Inc. (NYSE:SNOW) by 16.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 827 shares of the company’s stock after purchasing an additional 115 shares during the quarter. Covestor Ltd’s holdings in Snowflake were worth $95,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SNOW. Vanguard Group Inc. raised its holdings in Snowflake by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares during the period. Legal & General Group Plc increased its position in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares during the last quarter. Swedbank AB purchased a new stake in shares of Snowflake in the 1st quarter valued at approximately $258,957,000. Bank of New York Mellon Corp raised its stake in shares of Snowflake by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock valued at $216,142,000 after acquiring an additional 8,743 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Snowflake by 90.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after acquiring an additional 600,469 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Trading Up 1.6 %

Shares of SNOW opened at $125.51 on Wednesday. The company’s 50 day simple moving average is $115.33 and its 200-day simple moving average is $129.12. The firm has a market cap of $42.07 billion, a PE ratio of -41.02 and a beta of 0.83. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same period last year, the firm posted ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, equities research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SNOW shares. Scotiabank cut their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. Jefferies Financial Group decreased their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. TD Cowen lowered their target price on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Stifel Nicolaus cut their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Finally, Argus assumed coverage on shares of Snowflake in a research note on Tuesday, October 1st. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $172.09.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of Snowflake stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the executive vice president now owns 721,755 shares in the company, valued at approximately $86,610,600. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock valued at $7,061,544 in the last ninety days. Insiders own 7.80% of the company’s stock.

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.