Assenagon Asset Management S.A. Buys 453,342 Shares of Snowflake Inc. $SNOW

Key Points

• Assenagon Asset Management increased its Snowflake stake by 134.5%, purchasing 453,342 additional shares to hold 790,291 shares worth approximately $268.4 million. Institutional investors now own 65.1% of Snowflake.
• Snowflake reported quarterly revenue of $1.55 billion, up 35.1% year over year, and earnings per share of $0.62, exceeding analyst expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $414.24.
• Insiders sold approximately 1.25 million shares worth $396.2 million over the past 90 days, including a $34.5 million sale by director Frank Slootman under a pre-arranged trading plan.

Assenagon Asset Management S.A. boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 134.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 790,291 shares of the company's stock after purchasing an additional 453,342 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.22% of Snowflake worth $268,351,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. RDA Financial Network increased its stake in Snowflake by 13.4% during the 3rd quarter. RDA Financial Network now owns 1,135 shares of the company's stock valued at $385,000 after purchasing an additional 134 shares in the last quarter. Ninety One UK Ltd acquired a new stake in shares of Snowflake during the third quarter worth $36,000. Formuepleje A S acquired a new stake in shares of Snowflake during the third quarter worth $581,000. WealthPlan Investment Management LLC purchased a new stake in shares of Snowflake during the third quarter valued at $242,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Snowflake during the third quarter valued at $218,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Trading Up 0.2%

NYSE SNOW opened at $335.81 on Friday. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $384.56. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $118.47 billion, a PE ratio of -105.60 and a beta of 1.35. The company has a fifty day moving average of $333.72 and a 200 day moving average of $254.53.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate 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 period last year, the firm earned $0.35 EPS. The firm's revenue for the quarter was up 35.1% compared to the same quarter last year. Research analysts forecast that Snowflake Inc. will post -1.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SNOW. TD Cowen raised their target price on Snowflake from $370.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Jefferies Financial Group set a $430.00 price target on Snowflake and gave the company a "buy" rating in a research note on Thursday, September 3rd. Bank of America increased their price objective on Snowflake from $330.00 to $395.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Royal Bank Of Canada increased their price objective on Snowflake from $372.00 to $440.00 and gave the company an "outperform" rating in a report on Thursday, September 3rd. Finally, Wells Fargo & Company raised their price objective on Snowflake from $500.00 to $525.00 and gave the stock an "overweight" rating in a research note on Thursday, September 3rd. Thirty-five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and an average target price of $414.24.

Insider Activity

In other Snowflake news, CAO Emily Ho sold 768 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $332.93, for a total value of $255,690.24. Following the completion of the transaction, the chief accounting officer directly owned 39,958 shares of the company's stock, valued at approximately $13,303,216.94. The trade was a 1.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 102,791 shares of the company's stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $335.22, for a total value of $34,457,599.02. Following the completion of the sale, the director owned 19,024 shares in the company, valued at approximately $6,377,225.28. This represents a 84.38% 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 sold 1,246,429 shares of company stock valued at $396,227,952 over the last 90 days. Company insiders own 4.80% of the company's stock.

Snowflake Company Profile

Snowflake Inc NYSE: SNOW provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake's services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.

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