Azzad Asset Management Inc. ADV Makes New $3.38 Million Investment in Snowflake Inc. (NYSE:SNOW)

Azzad Asset Management Inc. ADV purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 23,140 shares of the company's stock, valued at approximately $3,382,000.

A number of other hedge funds have also recently made changes to their positions in SNOW. Norges Bank acquired a new position in shares of Snowflake in the fourth quarter worth approximately $988,950,000. FMR LLC lifted its stake in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the period. GQG Partners LLC acquired a new position in shares of Snowflake in the fourth quarter worth approximately $750,572,000. Geode Capital Management LLC lifted its stake in shares of Snowflake by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock worth $642,742,000 after acquiring an additional 15,314 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after acquiring an additional 2,200,406 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research analyst reports. Oppenheimer lifted their target price on Snowflake from $225.00 to $250.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Canaccord Genuity Group lifted their target price on Snowflake from $190.00 to $220.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Robert W. Baird lifted their target price on Snowflake from $200.00 to $215.00 and gave the stock an "outperform" rating in a report on Thursday, May 22nd. Evercore ISI reiterated a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Finally, UBS Group upgraded Snowflake from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $210.00 to $265.00 in a report on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $223.50.

Snowflake Stock Performance

Shares of NYSE SNOW traded down $3.14 during trading on Friday, reaching $208.14. 3,634,177 shares of the stock traded hands, compared to its average volume of 6,256,587. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $214.83. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The company has a 50-day moving average of $176.54 and a 200-day moving average of $170.76. The stock has a market capitalization of $69.49 billion, a P/E ratio of -61.40 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the company posted $0.14 EPS. The firm's revenue for the quarter was up 25.8% compared to the same quarter last year. Analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now owns 26,375 shares in the company, valued at approximately $3,408,968.75. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 903,058 shares of company stock worth $170,730,711. 6.80% of the stock is owned by company insiders.

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.