Scalar Gauge Management LLC Purchases New Stake in Snowflake Inc. $SNOW

Scalar Gauge Management LLC acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 18,000 shares of the company’s stock, valued at approximately $4,028,000. Snowflake accounts for about 2.3% of Scalar Gauge Management LLC’s investment portfolio, making the stock its 16th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake during the second quarter worth $25,000. Avion Wealth boosted its holdings in shares of Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares during the period. Rossby Financial LCC grew its position in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 127 shares during the last quarter. Whittier Trust Co. grew its position in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after buying an additional 82 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its stake in Snowflake by 417.2% during the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock worth $34,000 after acquiring an additional 121 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Up 3.6%

SNOW opened at $242.54 on Tuesday. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. 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 P/E ratio of -58.44 and a beta of 1.23. The stock’s 50 day moving average price is $246.71 and its 200 day moving average price is $222.55.

Snowflake (NYSE:SNOW) last released its quarterly 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 during 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 company’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. As a group, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Scotiabank lifted their target price on Snowflake from $230.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Mizuho raised their price target on Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. KeyCorp boosted their price objective on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. DA Davidson restated a “buy” rating and set a $250.00 price objective on shares of Snowflake in a research note on Monday, August 25th. Finally, JMP Securities increased their target price on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $267.25.

Insider Activity at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $224.85, for a total value of $11,318,499.30. Following the completion of the sale, the director directly owned 35,276 shares of the company’s stock, valued at approximately $7,931,808.60. This represents a 58.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the firm’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 transaction of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. This represents a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 931,388 shares of company stock worth $216,578,628. 6.80% of the stock is currently owned by corporate 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.