Parallel Advisors LLC Raises Holdings in Snowflake Inc. (NYSE:SNOW)

Parallel Advisors LLC increased its position in Snowflake Inc. (NYSE:SNOW) by 25.9% in the 2nd quarter, Holdings Channel reports. The firm owned 12,292 shares of the company’s stock after buying an additional 2,532 shares during the period. Parallel Advisors LLC’s holdings in Snowflake were worth $1,660,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in SNOW. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at approximately $25,000. LRI Investments LLC boosted its stake in Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Snowflake during the 2nd quarter worth $27,000. Riverview Trust Co acquired a new position in Snowflake in the first quarter valued at $31,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Snowflake in the first quarter valued at about $32,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Up 0.6 %

Snowflake stock opened at $113.67 on Monday. The firm has a market capitalization of $38.10 billion, a P/E ratio of -40.60 and a beta of 0.83. The stock has a fifty day moving average price of $123.48 and a 200 day moving average price of $141.48. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.52) EPS. As a group, equities analysts predict that Snowflake Inc. will post -2.42 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 1,535 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $125.93, for a total value of $193,302.55. Following the transaction, the executive vice president now directly owns 749,615 shares of the company’s stock, valued at $94,399,016.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Benoit Dageville sold 1,295 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the completion of the sale, the insider now owns 58,791 shares of the company’s stock, valued at $7,360,045.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 1,535 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $125.93, for a total transaction of $193,302.55. Following the transaction, the executive vice president now directly owns 749,615 shares of the company’s stock, valued at $94,399,016.95. The disclosure for this sale can be found here. Insiders have sold a total of 512,262 shares of company stock valued at $63,340,261 over the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Royal Bank of Canada cut their price target on Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research note on Wednesday, June 5th. Loop Capital lowered their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. JPMorgan Chase & Co. upped their price objective on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, Evercore ISI lowered their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

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.