Broderick Brian C Takes $459,000 Position in Snowflake Inc. (NYSE:SNOW)

Broderick Brian C purchased a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,137 shares of the company's stock, valued at approximately $459,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Snowflake in the 4th quarter valued at approximately $988,950,000. FMR LLC boosted its holdings in 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 purchasing an additional 2,805,425 shares during the period. GQG Partners LLC bought a new position in Snowflake in the 4th quarter worth about $750,572,000. Geode Capital Management LLC lifted its stake in shares of Snowflake by 0.4% in the 4th 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 grew its stake in shares of Snowflake by 124.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on SNOW shares. Loop Capital boosted their price objective on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Cantor Fitzgerald increased their price objective on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Jefferies Financial Group boosted their target price on Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Macquarie lifted their price target on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Finally, Hsbc Global Res downgraded Snowflake from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $223.50.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $85,174.05. Following the completion of the sale, the director now directly owns 25,569 shares of the company's stock, valued at $5,404,008.15. The trade was a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael Scarpelli sold 300,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 892,277 shares of company stock worth $169,052,217. Insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock traded up $2.44 during midday trading on Wednesday, hitting $211.89. 4,212,883 shares of the company were exchanged, compared to its average volume of 6,216,944. The firm has a 50 day simple moving average of $179.22 and a 200-day simple moving average of $171.24. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a market cap of $70.74 billion, a P/E ratio of -50.33 and a beta of 1.21. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $214.83.

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