KLP Kapitalforvaltning AS Raises Holdings in Snowflake Inc. $SNOW

KLP Kapitalforvaltning AS raised its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 14.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 115,700 shares of the company’s stock after purchasing an additional 14,800 shares during the period. KLP Kapitalforvaltning AS’s holdings in Snowflake were worth $25,890,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SNOW. Brighton Jones LLC boosted its stake in Snowflake by 90.0% during 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. Wedmont Private Capital lifted its holdings in shares of Snowflake by 22.3% during the 1st quarter. Wedmont Private Capital now owns 3,856 shares of the company’s stock valued at $559,000 after buying an additional 703 shares during the period. OLD National Bancorp IN lifted its holdings in shares of Snowflake by 22.3% during the 1st quarter. OLD National Bancorp IN now owns 1,934 shares of the company’s stock valued at $283,000 after buying an additional 352 shares during the period. Capital Investment Advisors LLC lifted its holdings in shares of Snowflake by 21.0% during the 1st quarter. Capital Investment Advisors LLC now owns 3,106 shares of the company’s stock valued at $454,000 after buying an additional 539 shares during the period. Finally, Wesbanco Bank Inc. bought a new position in shares of Snowflake during the 1st quarter valued at $2,826,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the sale, the executive vice president directly owned 532,450 shares of the company’s stock, valued at $119,204,906. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,177,434 shares of company stock valued at $269,030,661. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Price Performance

NYSE:SNOW opened at $235.34 on Wednesday. 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 business’s 50-day simple moving average is $216.75 and its two-hundred day simple moving average is $197.03. The stock has a market cap of $79.73 billion, a PE ratio of -56.71 and a beta of 1.21. Snowflake Inc. has a 52 week low of $113.13 and a 52 week high of $249.99.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating 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 business’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. As a group, analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Monness Crespi & Hardt increased their price target on Snowflake from $245.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Robert W. Baird increased their price target on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Stifel Nicolaus increased their price target on Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Wedbush increased their price target on Snowflake from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Snowflake in a report on Saturday, September 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus target price of $255.53.

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.