Carmel Capital Partners LLC Purchases Shares of 1,050 Snowflake Inc. $SNOW

Carmel Capital Partners LLC purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,050 shares of the company’s stock, valued at approximately $235,000.

A number of other institutional investors have also made changes to their positions in the company. Chevy Chase Trust Holdings LLC lifted its position in shares of Snowflake by 1.5% during the second quarter. Chevy Chase Trust Holdings LLC now owns 334,566 shares of the company’s stock worth $74,866,000 after purchasing an additional 5,090 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Snowflake by 12.9% during the second quarter. Stratos Wealth Partners LTD. now owns 6,787 shares of the company’s stock worth $1,519,000 after purchasing an additional 775 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in shares of Snowflake by 1.2% during the second quarter. Stratos Wealth Advisors LLC now owns 7,059 shares of the company’s stock worth $1,580,000 after purchasing an additional 85 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Snowflake by 1,247.7% during the second quarter. Private Trust Co. NA now owns 876 shares of the company’s stock worth $196,000 after purchasing an additional 811 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Snowflake by 15.4% during the second quarter. Nordea Investment Management AB now owns 27,693 shares of the company’s stock worth $6,197,000 after purchasing an additional 3,695 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SNOW. The Goldman Sachs Group boosted their target price on shares of Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Bank of America raised shares of Snowflake from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $220.00 to $240.00 in a research report on Wednesday, August 20th. CICC Research initiated coverage on shares of Snowflake in a research report on Friday, June 20th. They set an “outperform” rating and a $225.00 target price on the stock. Finally, Cantor Fitzgerald upped their price target on shares of Snowflake from $242.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Two 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 assigned a Sell rating to the company. According to MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $256.71.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 5,000 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the sale, the executive vice president directly owned 43,568 shares of the company’s stock, valued at approximately $10,892,000. This represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,182,434 shares of company stock valued at $270,280,661 in the last ninety days. 6.80% of the stock is owned by insiders.

Snowflake Trading Up 0.3%

SNOW opened at $240.68 on Friday. The stock has a market capitalization of $81.54 billion, a PE ratio of -58.00 and a beta of 1.21. The firm’s fifty day moving average price is $222.38 and its 200 day moving average price is $201.63. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 12-month low of $113.23 and a 12-month high of $255.39.

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

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.