Sunbelt Securities Inc. Increases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Sunbelt Securities Inc. raised its stake in Snowflake Inc. (NYSE:SNOW) by 81.9% during the 1st quarter, HoldingsChannel reports. The firm owned 3,677 shares of the company’s stock after acquiring an additional 1,656 shares during the period. Sunbelt Securities Inc.’s holdings in Snowflake were worth $594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares in the last quarter. Sands Capital Management LLC boosted its stake in shares of Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares in the last quarter. Norges Bank purchased a new stake in shares of Snowflake in the fourth quarter valued at approximately $838,455,000. 1832 Asset Management L.P. raised its holdings in Snowflake by 51.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,680,700 shares of the company’s stock worth $334,459,000 after purchasing an additional 573,400 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Snowflake by 69.9% during the third quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock worth $231,481,000 after purchasing an additional 623,277 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 4.0 %

NYSE:SNOW opened at $129.14 on Thursday. Snowflake Inc. has a one year low of $122.60 and a one year high of $237.72. The business’s 50-day simple moving average is $146.63 and its 200 day simple moving average is $174.37.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The business had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. Sell-side analysts forecast that Snowflake Inc. will post -2.28 earnings per share for the current year.

Analysts Set New Price Targets

SNOW has been the subject of several research reports. JMP Securities reaffirmed a “market outperform” rating and set a $235.00 price objective on shares of Snowflake in a report on Tuesday, June 4th. Canaccord Genuity Group reduced their price objective on Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday, May 24th. Macquarie reduced their price objective on Snowflake from $205.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, May 24th. Redburn Atlantic reaffirmed a “sell” rating and set a $125.00 price objective (down from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Finally, Citigroup reduced their price objective on Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a report on Monday, March 4th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $199.03.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total transaction of $70,608.72. Following the sale, the executive vice president now owns 756,489 shares in the company, valued at $97,829,157.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Snowflake news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total transaction of $70,608.72. Following the sale, the executive vice president now owns 756,489 shares in the company, valued at $97,829,157.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Christopher William Degnan sold 12,782 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $156.56, for a total value of $2,001,149.92. Following the sale, the executive now owns 354,954 shares in the company, valued at approximately $55,571,598.24. The disclosure for this sale can be found here. Insiders have sold 46,147 shares of company stock worth $6,686,742 over the last quarter. 7.80% of the stock is owned by corporate 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.