Valliance Asset Management Ltd Invests $731,000 in Snowflake Inc. (NYSE:SNOW)

Key Points

• Valliance Asset Management Ltd has purchased 5,000 shares of Snowflake Inc. valued at approximately $731,000, making it the 14th largest holding in their investment portfolio.
• Several institutional investors have increased their stakes in Snowflake, with SBI Securities Co. Ltd. and Artemis Investment Management LLP also making significant acquisitions in the 1st quarter.
• Company insiders sold a total of 2,708,258 shares in the last ninety days, with a market capitalization for Snowflake of $73.03 billion as of recent trading.

Valliance Asset Management Ltd bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,000 shares of the company's stock, valued at approximately $731,000. Snowflake accounts for 1.7% of Valliance Asset Management Ltd's portfolio, making the stock its 14th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP raised its stake in Snowflake by 9.8% during the fourth quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after acquiring an additional 59 shares in the last quarter. Ignite Planners LLC boosted its holdings in shares of Snowflake by 2.3% during the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after buying an additional 64 shares in the last quarter. Gabelli Funds LLC boosted its holdings in shares of Snowflake by 3.3% during the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock worth $317,000 after buying an additional 65 shares in the last quarter. Archford Capital Strategies LLC boosted its holdings in shares of Snowflake by 1.9% during the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after buying an additional 68 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after purchasing an additional 68 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SNOW shares. UBS Group raised Snowflake from a "neutral" rating to a "buy" rating and increased their price target for the company from $210.00 to $265.00 in a research report on Wednesday, June 4th. Bank of America raised their target price on Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Cantor Fitzgerald raised their target price on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised their target price on Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $226.73.

Insider Activity

In related news, Director Frank Slootman sold 100,483 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $223.55, for a total transaction of $22,462,974.65. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at approximately $36,999,089.85. This trade represents a 37.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total transaction of $249,530.04. Following the sale, the director owned 4,474 shares of the company's stock, valued at $974,168.76. The trade was a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,708,258 shares of company stock worth $588,162,906 over the last ninety days. 6.80% of the stock is owned by company insiders.

Snowflake Stock Up 0.1%

Snowflake stock traded up $0.20 during trading on Tuesday, reaching $218.87. 2,485,655 shares of the company's stock were exchanged, compared to its average volume of 3,020,080. The company's 50-day moving average is $212.55 and its two-hundred day moving average is $181.74. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $226.60. The firm has a market cap of $73.07 billion, a price-to-earnings ratio of -51.99 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.14 EPS. On average, analysts predict 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.