Aberdeen Group plc Boosts Stock Position in Snowflake Inc. $SNOW

Key Points

• Aberdeen Group plc increased its stake in Snowflake Inc. by 17.6% during the second quarter, holding 67,181 shares valued at approximately $15 million.
• Several institutional investors, including Golden State Wealth Management LLC and HighMark Wealth Management LLC, have significantly increased their positions in Snowflake, contributing to hedge funds holding 65.10% of the company's stock.
• Wall Street analysts have raised their target prices for Snowflake, with estimates now ranging from $256.18 to as high as $280.00, reflecting strong confidence in the company's growth prospects.

Aberdeen Group plc raised its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 17.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 67,181 shares of the company's stock after acquiring an additional 10,053 shares during the period. Aberdeen Group plc's holdings in Snowflake were worth $15,033,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake during the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC increased its position in Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares during the period. HighMark Wealth Management LLC increased its position in Snowflake by 200.0% during the 2nd quarter. HighMark Wealth Management LLC now owns 225 shares of the company's stock worth $50,000 after purchasing an additional 150 shares during the period. Raleigh Capital Management Inc. acquired a new position in Snowflake during the 2nd quarter worth approximately $53,000. Finally, Hilltop National Bank acquired a new position in Snowflake during the 2nd quarter worth approximately $53,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Snowflake news, CAO Emily Ho sold 1,658 shares of the stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the transaction, the chief accounting officer owned 31,745 shares of the company's stock, valued at $7,150,561.25. This represents a 4.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock worth $270,280,661 in the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Monness Crespi & Hardt boosted their target price on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Cantor Fitzgerald boosted their target price on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Wedbush upped their price target on Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Evercore ISI upped their price target on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Finally, BTIG Research upped their price target on Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of "Moderate Buy" and an average price target of $256.18.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $241.39 on Wednesday. The business's fifty day moving average price is $220.13 and its two-hundred day moving average price is $200.07. The stock has a market cap of $81.78 billion, a PE ratio of -58.17 and a beta of 1.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a one year low of $113.23 and a one year high of $255.39.

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

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.

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