Avanza Fonder AB Makes New $4.60 Million Investment in Snowflake Inc. $SNOW

Key Points

• Avanza Fonder AB has made a new investment in Snowflake Inc., acquiring 20,534 shares valued at approximately $4.60 million in the second quarter of 2023.
• Snowflake reported a revenue of $1.14 billion for its latest quarter, exceeding analysts' expectations, and announced earnings per share of $0.35, beating the consensus estimate.
• Several analysts have upgraded Snowflake's price targets, with Wells Fargo raising its target from $250.00 to $275.00, indicating positive sentiment towards the company's potential growth.

Avanza Fonder AB bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,534 shares of the company's stock, valued at approximately $4,595,000.

A number of other large investors have also recently added to or reduced their stakes in SNOW. Capital Advantage Inc. raised its position in shares of Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock worth $987,000 after buying an additional 48 shares during the period. Ignite Planners LLC boosted its position in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after buying an additional 64 shares during the period. Archford Capital Strategies LLC raised its position 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. TD Private Client Wealth LLC lifted its holdings in Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after acquiring an additional 68 shares during the last quarter. Finally, Pallas Capital Advisors LLC boosted its stake in Snowflake by 0.3% in the 2nd quarter. Pallas Capital Advisors LLC now owns 24,444 shares of the company's stock worth $5,470,000 after purchasing an additional 73 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Down 0.5%

Shares of NYSE SNOW traded down $1.07 during mid-day trading on Monday, hitting $229.41. The stock had a trading volume of 3,213,134 shares, compared to its average volume of 8,027,547. The business has a 50 day moving average price of $213.48 and a two-hundred day moving average price of $191.47. The firm has a market cap of $77.72 billion, a P/E ratio of -55.28 and a beta of 1.22. 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 1 year low of $108.71 and a 1 year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SNOW shares. DA Davidson reaffirmed a "buy" rating and issued a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Monness Crespi & Hardt lifted their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Sanford C. Bernstein lifted their target price on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Truist Financial upped their price objective on Snowflake from $235.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, Scotiabank boosted their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $255.53.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 3,222,036 shares of company stock valued at $719,457,410. Company insiders own 6.80% of the company's stock.

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.