Connective Portfolio Management LLC Acquires Shares of 4,000 Snowflake Inc. $SNOW

Key Points

• Connective Portfolio Management LLC has acquired 4,000 shares of Snowflake Inc., valued at approximately $895,000, making it 1.9% of their investment portfolio.
• Multiple large investors, including Nuveen LLC and AQR Capital Management LLC, have significantly increased their stakes in Snowflake in the first quarter of this year.
• Analysts have raised their price targets for Snowflake, with Morgan Stanley now set at $272.00 and Evercore ISI at $280.00, indicating strong positive sentiment towards the stock.

Connective Portfolio Management LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,000 shares of the company's stock, valued at approximately $895,000. Snowflake comprises about 1.9% of Connective Portfolio Management LLC's investment portfolio, making the stock its 21st largest holding.

A number of other large investors also recently modified their holdings of SNOW. Nuveen LLC purchased a new stake in shares of Snowflake in the 1st quarter valued at approximately $555,847,000. AQR Capital Management LLC increased its position in shares of Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after purchasing an additional 2,460,769 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after buying an additional 763,673 shares during the last quarter. Amundi raised its stake in Snowflake by 72.7% during the 1st quarter. Amundi now owns 1,808,250 shares of the company's stock worth $252,974,000 after acquiring an additional 760,923 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after acquiring an additional 650,775 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Morgan Stanley lifted their price target on shares of Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Evercore ISI lifted their price target on shares of Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Canaccord Genuity Group lifted their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Royal Bank Of Canada lifted their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Finally, Barclays lifted their price target on shares of Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Up 2.0%

SNOW opened at $225.51 on Tuesday. The business has a 50 day moving average price of $212.83 and a two-hundred day moving average price of $189.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $75.29 billion, a PE ratio of -54.34 and a beta of 1.22. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm's revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 EPS. As a group, research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 548 shares of Snowflake stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $223.86, for a total value of $122,675.28. Following the sale, the executive vice president owned 553,733 shares of the company's stock, valued at $123,958,669.38. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $224.84, for a total transaction of $90,610.52. Following the completion of the sale, the director directly owned 25,733 shares in the company, valued at approximately $5,785,807.72. The trade was a 1.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,214,120 shares of company stock valued at $717,676,398 in the last ninety days. Insiders own 6.80% of the company's stock.

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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