OFI Invest Asset Management Boosts Stake in Snowflake Inc. $SNOW

OFI Invest Asset Management raised its holdings in Snowflake Inc. (NYSE:SNOW) by 3.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,508 shares of the company’s stock after purchasing an additional 245 shares during the quarter. OFI Invest Asset Management’s holdings in Snowflake were worth $1,456,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new stake in Snowflake in the second quarter valued at $27,357,000. Vanguard Personalized Indexing Management LLC raised its position in Snowflake by 21.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,151 shares of the company’s stock valued at $5,628,000 after purchasing an additional 4,415 shares during the period. Concurrent Investment Advisors LLC raised its position in Snowflake by 64.2% in the second quarter. Concurrent Investment Advisors LLC now owns 3,901 shares of the company’s stock valued at $873,000 after purchasing an additional 1,525 shares during the period. Johnson Investment Counsel Inc. purchased a new stake in Snowflake in the second quarter valued at $262,000. Finally, waypoint wealth counsel raised its position in Snowflake by 97.1% in the second quarter. waypoint wealth counsel now owns 3,101 shares of the company’s stock valued at $694,000 after purchasing an additional 1,528 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SNOW shares. Royal Bank Of Canada lifted their target price on Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. JMP Securities reiterated a “market outperform” rating and issued a $260.00 price objective on shares of Snowflake in a report on Tuesday, August 26th. BTIG Research raised their target price on Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Needham & Company LLC lifted their target price on Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Finally, KeyCorp boosted their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $256.18.

Insiders Place Their Bets

In other news, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total value 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. This represents a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is owned by insiders.

Snowflake Trading Down 3.3%

SNOW opened at $242.52 on Friday. Snowflake Inc. has a 12 month low of $113.23 and a 12 month high of $255.39. The stock has a market capitalization of $82.17 billion, a price-to-earnings ratio of -58.44 and a beta of 1.21. 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 business has a fifty day moving average price of $218.64 and a 200 day moving average price of $198.82.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the firm posted $0.18 EPS. Snowflake’s revenue for the quarter was up 31.8% on a year-over-year basis. Sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Snowflake 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.