QRG Capital Management Inc. Raises Stock Position in Snowflake Inc. $SNOW

QRG Capital Management Inc. grew its stake in Snowflake Inc. (NYSE:SNOW) by 13.7% in the 1st quarter, Holdings Channel reports. The firm owned 48,919 shares of the company’s stock after purchasing an additional 5,877 shares during the period. QRG Capital Management Inc.’s holdings in Snowflake were worth $7,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SNOW. Assetmark Inc. lifted its stake in shares of Snowflake by 99.1% in the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock valued at $43,577,000 after purchasing an additional 98,870 shares during the period. Jennison Associates LLC grew its stake in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Swedbank AB raised its holdings in Snowflake by 6.0% in the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock worth $291,840,000 after purchasing an additional 75,419 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Snowflake by 8.2% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company’s stock worth $31,639,000 after purchasing an additional 10,972 shares in the last quarter. Finally, Cache Advisors LLC raised its holdings in Snowflake by 175.0% in the fourth quarter. Cache Advisors LLC now owns 11,132 shares of the company’s stock worth $2,442,000 after purchasing an additional 7,084 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on SNOW shares. The Goldman Sachs Group boosted their target price on shares of Snowflake from $216.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Truist Financial lifted their price target on shares of Snowflake from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Scotiabank boosted their price objective on shares of Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 8th. Needham & Company LLC upped their price objective on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $325.00 target price on shares of Snowflake in a research note on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average price target of $293.53.

Insider Buying and Selling at Snowflake

In other Snowflake news, CRO Jonathan Mead Beaulier sold 9,367 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $231.98, for a total transaction of $2,172,956.66. Following the completion of the sale, the executive directly owned 234,791 shares in the company, valued at approximately $54,466,816.18. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Emily Ho sold 1,860 shares of Snowflake stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total transaction of $431,985.00. Following the completion of the transaction, the chief accounting officer directly owned 41,283 shares of the company’s stock, valued at $9,587,976.75. This trade represents a 4.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,798,828 shares of company stock worth $415,351,838 in the last 90 days. Insiders own 4.80% of the company’s stock.

Snowflake Trading Down 0.2%

NYSE SNOW opened at $259.67 on Friday. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The stock’s fifty day moving average price is $202.78 and its 200-day moving average price is $190.46. The stock has a market cap of $90.00 billion, a P/E ratio of -73.77 and a beta of 1.35.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. As a group, equities analysts forecast that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.