Transcend Capital Advisors LLC Invests $762,000 in Snowflake Inc. $SNOW

Transcend Capital Advisors LLC bought a new position in Snowflake Inc. (NYSE:SNOW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,404 shares of the company’s stock, valued at approximately $762,000.

Several other hedge funds and other institutional investors have also modified their holdings of SNOW. Brighton Jones LLC boosted its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after buying an additional 29,320 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Snowflake by 102.8% in the 1st quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock valued at $116,000 after buying an additional 402 shares during the period. Golden State Wealth Management LLC boosted its holdings in shares of Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after buying an additional 187 shares during the period. KBC Group NV boosted its holdings in shares of Snowflake by 48.4% in the 1st quarter. KBC Group NV now owns 59,378 shares of the company’s stock valued at $8,678,000 after buying an additional 19,374 shares during the period. Finally, Essex Financial Services Inc. boosted its holdings in shares of Snowflake by 6.4% in the 1st quarter. Essex Financial Services Inc. now owns 1,707 shares of the company’s stock valued at $249,000 after buying an additional 102 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Up 0.5%

Shares of NYSE:SNOW opened at $267.31 on Wednesday. The company has a 50 day moving average of $230.64 and a 200-day moving average of $208.03. The firm has a market cap of $90.56 billion, a P/E ratio of -64.41 and a beta of 1.21. Snowflake Inc. has a twelve month low of $113.23 and a twelve month high of $270.94. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

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

Insiders Place Their Bets

In related news, CAO Emily Ho sold 1,658 shares of the business’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer directly owned 31,745 shares in the company, valued at $7,150,561.25. The trade was a 4.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael L. Speiser sold 2,976 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $236.01, for a total transaction of $702,365.76. Following the completion of the sale, the director owned 34,436 shares in the company, valued at $8,127,240.36. The trade was a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,182,434 shares of company stock worth $270,280,661. Company insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. BTIG Research lifted their price target on shares of Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a report on Thursday, August 28th. The Goldman Sachs Group lifted their price target on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Canaccord Genuity Group boosted their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Cantor Fitzgerald boosted their target price on shares of Snowflake from $242.00 to $275.00 and gave the company 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 issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $258.95.

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.