Atalanta Sosnoff Capital LLC Purchases Shares of 227,789 Snowflake Inc. $SNOW

Key Points

• Atalanta Sosnoff Capital LLC acquired a new stake in Snowflake Inc. by purchasing 227,789 shares valued at approximately $33.3 million in the first quarter.
• Several other hedge funds have also increased their holdings in Snowflake, with Nuveen LLC acquiring a position valued at approximately $555.8 million.
• Snowflake recently posted an EPS of $0.35 for the last quarter, surpassing analysts' expectations and reflecting a 31.8% year-over-year revenue growth.

Atalanta Sosnoff Capital LLC purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 227,789 shares of the company's stock, valued at approximately $33,294,000. Atalanta Sosnoff Capital LLC owned about 0.07% of Snowflake as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in SNOW. Nuveen LLC acquired a new position in Snowflake during the 1st quarter valued at about $555,847,000. Price T Rowe Associates Inc. MD boosted its stake in 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 during the last quarter. Amundi boosted its stake in Snowflake by 72.7% during the 1st quarter. Amundi now owns 1,808,250 shares of the company's stock valued at $252,974,000 after purchasing an additional 760,923 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Snowflake by 26.5% in the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after buying an additional 647,176 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Trading Down 2.1%

NYSE:SNOW opened at $233.62 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $78.00 billion, a PE ratio of -56.29 and a beta of 1.22. The firm's 50 day moving average is $212.12 and its 200 day moving average is $186.53. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. Snowflake's revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. Sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the sale, the executive vice president owned 537,336 shares of the company's stock, valued at approximately $116,064,576. The trade was a 1.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 1,146 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total transaction of $249,530.04. Following the sale, the director directly owned 4,474 shares in the company, valued at $974,168.76. The trade was a 20.39% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,216,909 shares of company stock worth $717,287,181. Company insiders own 6.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Guggenheim restated a "neutral" rating on shares of Snowflake in a research note on Thursday, August 28th. Robert W. Baird boosted their target price on Snowflake from $215.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Loop Capital boosted their target price on Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. CICC Research assumed coverage on Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price on the stock. Finally, Jefferies Financial Group boosted their target price on Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

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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