158,733 Snowflake Inc. $SNOW Shares Acquired by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR nearly doubled its Snowflake stake in the third quarter, adding 158,733 shares to reach 319,666 shares valued at about $108 million.
• Snowflake beat quarterly estimates, reporting EPS of $0.62 versus $0.45 expected and revenue of $1.55 billion versus $1.48 billion; revenue rose 35.1% year over year.
• Analyst sentiment was broadly positive: 36 analysts rated the stock a Buy, five a Hold, and one a Sell, with an average price target of $413.87.

Eurizon Capital SGR S.p.A. lifted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 98.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 319,666 shares of the company's stock after acquiring an additional 158,733 shares during the quarter. Eurizon Capital SGR S.p.A. owned 0.09% of Snowflake worth $108,020,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nikulski Financial Inc. boosted its stake in shares of Snowflake by 3.7% in the third quarter. Nikulski Financial Inc. now owns 4,579 shares of the company's stock worth $1,555,000 after buying an additional 165 shares during the last quarter. R Squared Ltd purchased a new position in Snowflake during the third quarter valued at approximately $482,000. CENTRAL TRUST Co raised its position in Snowflake by 78.0% during the third quarter. CENTRAL TRUST Co now owns 1,623 shares of the company's stock valued at $551,000 after acquiring an additional 711 shares in the last quarter. Endeavor Private Wealth Inc. purchased a new position in Snowflake during the third quarter valued at approximately $222,000. Finally, CFM Wealth Partners LLC acquired a new position in Snowflake in the third quarter valued at approximately $266,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock opened at $299.01 on Friday. The firm has a market cap of $105.49 billion, a PE ratio of -94.03 and a beta of 1.32. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $384.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. The business has a 50-day moving average price of $326.01 and a 200 day moving average price of $243.40.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. Snowflake's revenue for the quarter was up 35.1% on a year-over-year basis. Sell-side analysts predict that Snowflake Inc. will post -1.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Rosenblatt Securities upped their price objective on Snowflake from $285.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, September 1st. Wells Fargo & Company lifted their target price on shares of Snowflake from $500.00 to $525.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Cantor Fitzgerald lifted their target price on shares of Snowflake from $405.00 to $430.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. UBS Group boosted their target price on shares of Snowflake from $425.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Finally, Evercore reissued an "outperform" rating and set a $430.00 price target on shares of Snowflake in a report on Thursday, September 3rd. Thirty-six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $413.87.

Insiders Place Their Bets

In other news, CRO Jonathan Beaulier sold 755 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $336.36, for a total transaction of $253,951.80. Following the completion of the transaction, the executive directly owned 211,619 shares of the company's stock, valued at $71,180,166.84. This represents a 0.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael Speiser sold 840 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $275.92, for a total value of $231,772.80. Following the transaction, the director owned 23,516 shares in the company, valued at $6,488,534.72. This trade represents a 3.45% decrease in their position. 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 have sold 1,186,443 shares of company stock valued at $387,734,752 over the last ninety days. 4.80% of the stock is owned by corporate insiders.

About Snowflake

Snowflake Inc. provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services. Snowflake's platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.

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