Carmel Capital Partners LLC Purchases Shares of 1,050 Snowflake Inc. $SNOW

Key Points

• Carmel Capital Partners LLC acquired 1,050 shares of Snowflake Inc. valued at approximately $235,000 during the second quarter, indicating increasing institutional interest in the company.
• Wall Street analysts have upgraded their target prices for Snowflake, with Goldman Sachs raising it from $230 to $260, and Needham & Company raising it from $230 to $280, both assigning "buy" ratings.
• Insider activity shows executives at Snowflake have recently sold significant numbers of shares, with EVP Christian Kleinerman selling 5,000 shares worth $1.25 million, which may suggest concerns about stock performance or valuation.

Carmel Capital Partners LLC purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,050 shares of the company's stock, valued at approximately $235,000.

A number of other institutional investors have also made changes to their positions in the company. Chevy Chase Trust Holdings LLC lifted its position in shares of Snowflake by 1.5% during the second quarter. Chevy Chase Trust Holdings LLC now owns 334,566 shares of the company's stock worth $74,866,000 after purchasing an additional 5,090 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Snowflake by 12.9% during the second quarter. Stratos Wealth Partners LTD. now owns 6,787 shares of the company's stock worth $1,519,000 after purchasing an additional 775 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in shares of Snowflake by 1.2% during the second quarter. Stratos Wealth Advisors LLC now owns 7,059 shares of the company's stock worth $1,580,000 after purchasing an additional 85 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Snowflake by 1,247.7% during the second quarter. Private Trust Co. NA now owns 876 shares of the company's stock worth $196,000 after purchasing an additional 811 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Snowflake by 15.4% during the second quarter. Nordea Investment Management AB now owns 27,693 shares of the company's stock worth $6,197,000 after purchasing an additional 3,695 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SNOW. The Goldman Sachs Group boosted their target price on shares of Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Bank of America raised shares of Snowflake from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $220.00 to $240.00 in a research report on Wednesday, August 20th. CICC Research initiated coverage on shares of Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 target price on the stock. Finally, Cantor Fitzgerald upped their price target on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $256.71.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 5,000 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the sale, the executive vice president directly owned 43,568 shares of the company's stock, valued at approximately $10,892,000. This represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,182,434 shares of company stock valued at $270,280,661 in the last ninety days. 6.80% of the stock is owned by insiders.

Snowflake Trading Up 0.3%

SNOW opened at $240.68 on Friday. The stock has a market capitalization of $81.54 billion, a PE ratio of -58.00 and a beta of 1.21. The firm's fifty day moving average price is $222.38 and its 200 day moving average price is $201.63. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 12-month low of $113.23 and a 12-month high of $255.39.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm 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 42.98%. The firm's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. As a group, research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.

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