Y Intercept Hong Kong Ltd Acquires New Position in Snowflake Inc. $SNOW

Y Intercept Hong Kong Ltd bought a new position in Snowflake Inc. (NYSE:SNOW) in the first quarter, Holdings Channel reports. The firm bought 88,816 shares of the company’s stock, valued at approximately $13,395,000.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after buying an additional 2,519,413 shares during the period. Nuveen LLC lifted its stake in shares of Snowflake by 2.3% during the fourth quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after buying an additional 116,521 shares during the period. Geode Capital Management LLC grew its holdings in shares of Snowflake by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock valued at $1,052,195,000 after buying an additional 249,668 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Snowflake during the fourth quarter valued at $974,091,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 0.6%

Shares of Snowflake stock opened at $259.67 on Friday. The stock has a market cap of $90.00 billion, a PE ratio of -73.77 and a beta of 1.35. The firm has a fifty day moving average price of $200.69 and a 200 day moving average price of $189.97. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.32 by $0.07. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The firm’s revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. Equities research analysts predict that Snowflake Inc. will post -1.87 earnings per share for the current year.

Insider Activity

In other news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $148.21, for a total value of $7,460,594.98. Following the sale, the director owned 29,396 shares in the company, valued at $4,356,781.16. This represents a 63.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the sale, the director owned 8,801 shares in the company, valued at $2,200,250. The trade was a 91.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,798,828 shares of company stock valued at $415,351,838 in the last quarter. 4.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SNOW shares. Benchmark raised their target price on Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. HSBC set a $289.00 price target on Snowflake and gave the company a “buy” rating in a research note on Friday, May 29th. Oppenheimer increased their price objective on Snowflake from $250.00 to $295.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. TD Cowen restated a “buy” rating and issued a $300.00 price objective on shares of Snowflake in a research note on Wednesday, June 3rd. Finally, Monness Crespi & Hardt raised their price objective on Snowflake from $282.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $293.53.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.