Concord Investment Counsel Inc. Acquires Shares of 12,702 Snowflake Inc. $SNOW

Key Points

• Concord Investment Counsel Inc. opened a new position in Snowflake, buying 12,702 shares worth about $2.79 million. The stake represents roughly 0.9% of its portfolio.
• Snowflake reported better-than-expected fiscal Q1 results, with EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion, up about 33.5% year over year. The company also raised its annual product revenue outlook, reflecting stronger demand tied to AI and cloud migration.
• Analysts turned more upbeat after the results, with multiple firms raising price targets to as high as $300. Snowflake now has a consensus rating of Moderate Buy and an average target of $283.74.

Concord Investment Counsel Inc. acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 12,702 shares of the company's stock, valued at approximately $2,786,000. Snowflake makes up approximately 0.9% of Concord Investment Counsel Inc.'s portfolio, making the stock its 26th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNOW. Federated Hermes Inc. grew its position in shares of Snowflake by 13.5% during the 3rd quarter. Federated Hermes Inc. now owns 408,037 shares of the company's stock worth $92,047,000 after buying an additional 48,411 shares during the period. Assetmark Inc. grew its position in shares of Snowflake by 99.1% during the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company's stock worth $43,577,000 after buying an additional 98,870 shares during the period. Jennison Associates LLC grew its position in shares of Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after buying an additional 2,519,413 shares during the period. William Blair Investment Management LLC acquired a new stake in shares of Snowflake during the 3rd quarter worth approximately $116,882,000. Finally, Penserra Capital Management LLC grew its position in shares of Snowflake by 32.8% during the 3rd quarter. Penserra Capital Management LLC now owns 153,358 shares of the company's stock worth $34,586,000 after buying an additional 37,911 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Up 36.5%

Snowflake stock opened at $239.22 on Friday. The company's 50 day simple moving average is $155.03 and its 200 day simple moving average is $190.49. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $280.67. The firm has a market capitalization of $82.70 billion, a price-to-earnings ratio of -67.96 and a beta of 1.08. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.30 and a quick ratio of 1.30.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 49.29%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm earned $0.24 EPS. Snowflake's quarterly revenue was up 33.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.16 EPS for the current year.

Insider Activity

In other Snowflake news, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $152.80, for a total value of $592,252.80. Following the transaction, the senior vice president owned 273,323 shares of the company's stock, valued at approximately $41,763,754.40. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $165.01, for a total transaction of $1,650,100.00. Following the completion of the transaction, the executive vice president directly owned 510,477 shares in the company, valued at approximately $84,233,809.77. The trade was a 1.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 484,313 shares of company stock worth $81,766,598 over the last quarter. 4.80% of the stock is owned by insiders.

Key Snowflake News

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Snowflake reported fiscal Q1 results that beat expectations, with revenue up about 33%-34% year over year and EPS above estimates, showing that demand for its data cloud platform remains strong. Snowflake Reports Financial Results for the First Quarter of Fiscal 2027
• Positive Sentiment: The company raised its annual product revenue outlook, which suggests management is seeing stronger enterprise AI and cloud migration demand than previously expected. Snowflake raises annual product revenue forecast as enterprises ramp up AI workloads
• Positive Sentiment: Snowflake announced a $6 billion, five-year strategic collaboration with Amazon Web Services, expanding its AI infrastructure footprint and reinforcing its role in enterprise agentic AI. Snowflake stock surges 30% on $6B AWS deal, strong Q1 print
• Positive Sentiment: Several analysts raised price targets after the report, including JPMorgan, KeyCorp, TD Cowen, DA Davidson, Bank of America, Benchmark, Needham, Stifel, and others, signaling improving sentiment on the stock’s growth outlook. Analyst price target updates

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday. Sanford C. Bernstein lifted their price target on shares of Snowflake from $195.00 to $250.00 and gave the stock a "market perform" rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of Snowflake from $210.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday. Piper Sandler set a $300.00 price target on shares of Snowflake in a research report on Thursday. Finally, Wedbush lifted their price target on shares of Snowflake from $270.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus price target of $283.74.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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