Asset Management One Co. Ltd. Increases Holdings in Snowflake Inc. $SNOW

Key Points

• Asset Management One Co. Ltd. increased its holdings in Snowflake Inc. by 8.7% during the second quarter, owning 130,221 shares worth approximately $29.14 million.
• Snowflake's most recent earnings report showed a 31.8% year-over-year revenue increase to $1.14 billion, with an EPS of $0.35 which beat analyst expectations.
• Equities analysts have raised their price targets for Snowflake, with Goldman Sachs setting a target of $260 and Robert W. Baird also raising theirs to $260, indicating strong investor confidence in the stock.

Asset Management One Co. Ltd. grew its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 8.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,221 shares of the company's stock after acquiring an additional 10,406 shares during the period. Asset Management One Co. Ltd.'s holdings in Snowflake were worth $29,140,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the second quarter worth about $25,000. Avion Wealth lifted its position in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after buying an additional 49 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after buying an additional 187 shares in the last quarter. Whittier Trust Co. lifted its position in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after buying an additional 82 shares in the last quarter. Finally, Tradewinds Capital Management LLC lifted its position in shares of Snowflake by 53.1% in the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after buying an additional 85 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 1.9%

SNOW opened at $257.84 on Friday. The stock has a market cap of $87.36 billion, a price-to-earnings ratio of -62.13 and a beta of 1.21. The stock's 50 day moving average price is $227.78 and its 200-day moving average price is $205.48. Snowflake Inc. has a one year low of $113.23 and a one year high of $259.75. 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 (NYSE:SNOW - Get Free Report) last released 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%.The company's quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. On average, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SNOW shares. The Goldman Sachs Group boosted their target price on Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a research report on Thursday, August 28th. Robert W. Baird boosted their price objective on Snowflake from $215.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Bank of America raised Snowflake from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $220.00 to $240.00 in a research note on Wednesday, August 20th. Finally, Macquarie boosted their price objective on Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Two 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $257.24.

Insiders Place Their Bets

In other news, SVP Vivek Raghunathan sold 11,801 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the transaction, the executive vice president directly owned 527,336 shares in the company, valued at approximately $123,132,956. This represents a 1.86% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,182,434 shares of company stock worth $270,280,661. Corporate insiders own 6.80% of the company's stock.

About Snowflake

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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