Westside Investment Management Inc. Increases Stock Position in Snowflake Inc. $SNOW

Westside Investment Management Inc. increased its position in shares of Snowflake Inc. (NYSE:SNOW) by 4.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,844 shares of the company’s stock after buying an additional 640 shares during the period. Westside Investment Management Inc.’s holdings in Snowflake were worth $3,076,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sigma Planning Corp lifted its holdings in Snowflake by 17.8% during the second quarter. Sigma Planning Corp now owns 3,118 shares of the company’s stock valued at $698,000 after purchasing an additional 471 shares in the last quarter. Carson Advisory Inc. increased its position in Snowflake by 6.5% during the second quarter. Carson Advisory Inc. now owns 2,040 shares of the company’s stock worth $456,000 after purchasing an additional 125 shares during the last quarter. iA Global Asset Management Inc. increased its position in Snowflake by 60.2% during the second quarter. iA Global Asset Management Inc. now owns 52,290 shares of the company’s stock worth $11,701,000 after purchasing an additional 19,640 shares during the last quarter. Nicholas Company Inc. increased its position in Snowflake by 1.1% during the second quarter. Nicholas Company Inc. now owns 333,484 shares of the company’s stock worth $74,624,000 after purchasing an additional 3,605 shares during the last quarter. Finally, TIAA Trust National Association increased its position in shares of Snowflake by 36.6% during the second quarter. TIAA Trust National Association now owns 172,762 shares of the company’s stock valued at $38,659,000 after acquiring an additional 46,314 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SNOW has been the subject of a number of recent analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Snowflake in a research report on Friday, October 17th. JPMorgan Chase & Co. lifted their price target on shares of Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Cantor Fitzgerald lifted their price target on shares of Snowflake from $242.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Truist Financial raised their price objective on shares of Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $258.95.

Snowflake Stock Performance

Shares of SNOW opened at $274.81 on Monday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $275.48. The stock has a market capitalization of $93.11 billion, a P/E ratio of -66.22 and a beta of 1.23. The company’s fifty day moving average is $235.24 and its two-hundred day moving average is $211.14.

Snowflake (NYSE:SNOW) last posted 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 business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. On average, sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 2,976 shares of the company’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $236.01, for a total value of $702,365.76. Following the transaction, the director directly owned 34,436 shares in the company, valued at approximately $8,127,240.36. This represents a 7.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 5,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 43,568 shares in the company, valued at approximately $10,892,000. This trade represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 865,647 shares of company stock worth $199,370,673. 6.80% of the stock is owned by company insiders.

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.