Vanguard Group Inc. Buys 595,553 Shares of Snowflake Inc. $SNOW

Vanguard Group Inc. boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,789,761 shares of the company’s stock after buying an additional 595,553 shares during the quarter. Vanguard Group Inc. owned approximately 8.32% of Snowflake worth $6,218,515,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

SNOW has been the subject of several research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a research report on Friday, October 17th. JMP Securities raised their target price on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 28th. Piper Sandler boosted their price target on Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Robert W. Baird raised their price objective on shares of Snowflake from $215.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, Raymond James Financial boosted their target price on shares of Snowflake from $212.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Two investment 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 given a Sell rating to the company. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.39.

Insider Activity

In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the sale, the executive vice president directly owned 527,336 shares in the company, valued at $123,132,956. The trade was a 1.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 931,388 shares of company stock valued at $216,578,628 over the last ninety days. Company insiders own 6.80% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW opened at $254.58 on Wednesday. The firm has a market capitalization of $86.25 billion, a P/E ratio of -61.35 and a beta of 1.23. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The stock has a 50 day moving average price of $245.17 and a two-hundred day moving average price of $220.49. 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 (NYSE:SNOW) last announced its 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. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. Snowflake’s quarterly revenue was up 31.8% on a year-over-year basis. Equities analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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.