Creative Planning Acquires 31,543 Shares of Snowflake Inc. $SNOW

Creative Planning raised its holdings in Snowflake Inc. (NYSE:SNOW) by 23.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 168,209 shares of the company’s stock after buying an additional 31,543 shares during the quarter. Creative Planning’s holdings in Snowflake were worth $37,640,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock valued at $524,293,000 after acquiring an additional 650,775 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Snowflake in the 1st quarter worth $2,381,000. Berkshire Capital Holdings Inc. raised its stake in shares of Snowflake by 71,500.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock worth $1,047,000 after purchasing an additional 7,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake during the second quarter valued at $6,845,000. Finally, Lyell Wealth Management LP boosted its position in shares of Snowflake by 5.1% during the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock valued at $8,870,000 after buying an additional 2,955 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 0.2%

NYSE:SNOW opened at $257.40 on Friday. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The business has a fifty day moving average price of $244.05 and a 200-day moving average price of $218.84. The firm has a market capitalization of $87.21 billion, a price-to-earnings ratio of -62.02 and a beta of 1.23. 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 (NYSE:SNOW) last released 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 business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.Snowflake’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share. Sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Needham & Company LLC boosted their target price on Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Morgan Stanley boosted their price objective on shares of Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Sanford C. Bernstein increased their price objective on shares of Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a research report on Thursday, August 28th. Monness Crespi & Hardt lifted their target price on shares of Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Bank of America raised Snowflake from a “neutral” rating to a “buy” rating and increased their price target for the company from $220.00 to $240.00 in a report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $259.89.

Insider Buying and Selling

In related news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, 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, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the sale, the director owned 35,276 shares in the company, valued at approximately $7,931,808.60. The trade was a 58.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 931,388 shares of company stock valued at $216,578,628. Insiders own 6.80% of the company’s stock.

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.