Berkshire Capital Holdings Inc. Grows Stock Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Berkshire Capital Holdings Inc. significantly increased its stake in Snowflake Inc. by 71,500.0%, owning 7,160 shares worth approximately $1,047,000, making it the company's 20th largest position.
• Insider trading activity includes Director Teresa Briggs selling 1,146 shares, representing a 20.39% decrease in her holdings, and EVP Christian Kleinerman selling 10,000 shares for $2.16 million.
• Analysts have generally boosted their target prices for Snowflake, with Wells Fargo setting a new target of $250.00, reflecting a positive sentiment towards the company.

Berkshire Capital Holdings Inc. grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 71,500.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,160 shares of the company's stock after acquiring an additional 7,150 shares during the quarter. Snowflake comprises 0.5% of Berkshire Capital Holdings Inc.'s holdings, making the stock its 20th largest position. Berkshire Capital Holdings Inc.'s holdings in Snowflake were worth $1,047,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP increased its holdings in Snowflake by 9.8% in the 4th quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after purchasing an additional 59 shares in the last quarter. Ignite Planners LLC increased its holdings in Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after purchasing an additional 64 shares in the last quarter. Gabelli Funds LLC increased its holdings in Snowflake by 3.3% in the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after purchasing an additional 65 shares in the last quarter. Archford Capital Strategies LLC increased its holdings in Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after purchasing an additional 68 shares in the last quarter. Finally, TD Private Client Wealth LLC increased 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 purchasing an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Teresa Briggs sold 1,146 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at $974,168.76. This trade represents a 20.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the 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 transaction, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,014,642 shares of company stock worth $657,325,186 over the last 90 days. 6.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on SNOW shares. Wells Fargo & Company restated an "overweight" rating and set a $250.00 target price (up from $225.00) on shares of Snowflake in a research note on Friday, June 13th. Loop Capital raised their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Raymond James Financial restated an "outperform" rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. UBS Group lowered their target price on Snowflake from $265.00 to $250.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Cantor Fitzgerald raised their target price on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $226.32.

Snowflake Stock Performance

Shares of Snowflake stock opened at $199.11 on Friday. The stock has a market cap of $66.48 billion, a price-to-earnings ratio of -47.29 and a beta of 1.22. The firm's 50-day moving average is $212.50 and its 200 day moving average is $184.52. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $229.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business's revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 EPS. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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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