3,164 Shares in Snowflake Inc. $SNOW Purchased by Hobart Private Capital LLC

Key Points

• Hobart Private Capital LLC has purchased a new position in Snowflake Inc., acquiring 3,164 shares valued at approximately $708,000 during the 2nd quarter.
• Several institutional investors, including Vanguard Group and Goldman Sachs, have recently adjusted their stakes, with institutional ownership now at 65.10% of the stock.
• Snowflake reported a revenue increase of 31.8% year-over-year for the last quarter, achieving $1.14 billion in revenue and EPS of $0.35, exceeding analyst estimates.

Hobart Private Capital LLC purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,164 shares of the company's stock, valued at approximately $708,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Snowflake by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after buying an additional 316,573 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Snowflake during the 2nd quarter worth approximately $3,900,134,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Snowflake by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after purchasing an additional 763,673 shares in the last quarter. Nuveen LLC purchased a new position in shares of Snowflake during the 1st quarter valued at approximately $555,847,000. Finally, Goldman Sachs Group Inc. increased its holdings in 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 acquiring an additional 650,775 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SNOW has been the topic of several recent research reports. Mizuho lifted their target price on shares of Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Royal Bank Of Canada lifted their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Stifel Nicolaus lifted their target price on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Scotiabank lifted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Finally, Raymond James Financial lifted their target price on shares of Snowflake from $212.00 to $230.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $257.24.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $10,505,037.22. Following the completion of the sale, the director directly owned 36,116 shares of the company's stock, valued at approximately $7,537,048.04. This represents a 58.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares of the company's stock, valued at $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is owned by company insiders.

Snowflake Stock Up 1.9%

Shares of SNOW opened at $257.84 on Friday. The firm has a market cap of $87.36 billion, a P/E ratio of -62.13 and a beta of 1.21. Snowflake Inc. has a 12-month low of $113.23 and a 12-month high of $259.75. The company's 50-day moving average price is $227.78 and its 200 day moving average price is $205.48. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the firm earned $0.18 earnings per share. The business's revenue for the quarter was up 31.8% compared to the same quarter last year. On average, sell-side analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Snowflake 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.

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