Livforsakringsbolaget Skandia Omsesidigt Purchases New Stake in Snowflake Inc. $SNOW

Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Snowflake Inc. (NYSE:SNOW) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,017 shares of the company’s stock, valued at approximately $513,000.

Other hedge funds have also recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in shares of Snowflake in the second quarter valued at about $28,855,000. Ancora Advisors LLC purchased a new stake in shares of Snowflake during the second quarter worth about $275,000. LM Advisors LLC bought a new stake in shares of Snowflake in the second quarter worth about $382,000. Kirtland Hills Capital Management LLC bought a new stake in shares of Snowflake in the second quarter worth about $10,352,000. Finally, Plato Investment Management Ltd purchased a new position in Snowflake during the 2nd quarter valued at about $1,688,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of recent analyst reports. BTIG Research upped their price target on Snowflake from $325.00 to $340.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Morgan Stanley reissued an “overweight” rating and set a $300.00 target price on shares of Snowflake in a research note on Wednesday, August 19th. DA Davidson boosted their price objective on shares of Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. UBS Group upped their price objective on shares of Snowflake from $370.00 to $425.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Finally, Bank of America raised their target price on shares of Snowflake from $330.00 to $395.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Thirty-four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $328.14.

Snowflake Trading Down 0.6%

NYSE SNOW opened at $327.08 on Friday. The firm has a market capitalization of $113.37 billion, a PE ratio of -92.92 and a beta of 1.33. The stock’s 50 day moving average is $287.74 and its 200 day moving average is $215.01. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $341.95. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company earned $0.24 earnings per share. The firm’s quarterly revenue was up 33.5% compared to the same quarter last year. Research analysts forecast that Snowflake Inc. will post -1.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 25,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $325.00, for a total value of $8,125,000.00. Following the sale, the executive vice president owned 340,379 shares in the company, valued at approximately $110,623,175. This represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $245.21, for a total transaction of $12,343,380.98. Following the transaction, the director owned 27,716 shares of the company’s stock, valued at $6,796,240.36. The trade was a 64.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,329,825 shares of company stock worth $367,408,410 in the last three months. 4.80% of the stock is owned by corporate insiders.

Snowflake Company 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.