Covenant Asset Management LLC Purchases New Shares in Snowflake Inc. $SNOW

Covenant Asset Management LLC purchased a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 25,936 shares of the company's stock, valued at approximately $8,807,000. Snowflake makes up 1.2% of Covenant Asset Management LLC's investment portfolio, making the stock its 17th largest holding.

Several other institutional investors have also recently bought and sold shares of SNOW. Jericho Capital Asset Management L.P. bought a new position in Snowflake in the 4th quarter valued at $345,619,000. Pictet Asset Management Holding SA increased its stake in shares of Snowflake by 44.7% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company's stock valued at $392,259,000 after buying an additional 803,110 shares during the period. OMERS ADMINISTRATION Corp increased its stake in shares of Snowflake by 4,284.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 696,278 shares of the company's stock valued at $105,013,000 after buying an additional 680,397 shares during the period. Janus Henderson Group PLC increased its stake in shares of Snowflake by 22.2% in the 1st quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company's stock valued at $452,014,000 after buying an additional 544,960 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Snowflake by 76.9% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company's stock worth $176,736,000 after acquiring an additional 509,230 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SNOW shares. Barclays upped their price target on Snowflake from $332.00 to $384.00 and gave the company an "equal weight" rating in a research note on Thursday, September 3rd. Phillip Securities cut Snowflake from a "strong-buy" rating to a "moderate buy" rating in a report on Monday. Argus lifted their price objective on Snowflake from $300.00 to $450.00 and gave the stock a "buy" rating in a research report on Friday, September 4th. Scotiabank reissued a "sector outperform" rating and set a $440.00 price objective (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Snowflake in a report on Tuesday, September 8th. Thirty-five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $414.24.

Key Stories Impacting Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Broader data and AI ecosystem: Snowflake continues expanding its platform through integrations and partner validations. UiPath’s expanded two-way integration is designed to keep enterprise data within Snowflake while enabling automation and AI agents, potentially strengthening customer retention and the company’s data-platform moat. Can Snowflake’s UiPath Integration Deepen Its Data Moat Or Blur Its AI Strategy?
• Positive Sentiment: Partner and customer adoption: Treasure AI received Snowflake Ready Technology Validation, while InsuranceMarket.ae said it is building a trusted data foundation on Snowflake to improve customer experiences. ATTOM also introduced Semantic Views for its property data delivered through Snowflake, making complex real-estate information easier to query and analyze. These announcements support Snowflake’s positioning as infrastructure for governed enterprise data and AI use cases. Treasure AI Achieves Snowflake Ready Technology Validation InsuranceMarket.ae Builds Trusted Data Foundation on Snowflake ATTOM Introduces Semantic Views for Property Data in Snowflake
• Neutral Sentiment: Snowflake’s Chief Data and AI Officer said enterprises are moving AI projects from experimentation into production, emphasizing governance, security and trusted data. The comments reinforce the long-term opportunity but did not provide new financial guidance. Snowflake’s Anahita Tafvizi on Scaling AI From Experiments to Production
• Negative Sentiment: Valuation concerns: Analysts and commentators questioned whether Snowflake’s valuation can be supported by its sales growth, despite substantial recent gains and enthusiasm around AI. One analysis also noted potential risks in the economics of its AI business, increasing sensitivity to execution and future growth. Snowflake Stock Looks Fully Priced Is Snowflake Stock Riskier Than It Looks?
• Negative Sentiment: Brokerage downgrade: Phillip Securities lowered Snowflake from “strong buy” to “moderate buy,” reinforcing concerns that the stock’s elevated valuation leaves less room for disappointment. Snowflake Stock Bumped Down to Moderate Buy by Phillip Securities

Snowflake Price Performance

SNOW opened at $334.32 on Thursday. The company has a fifty day moving average price of $333.37 and a two-hundred day moving average price of $253.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $384.56. The firm has a market capitalization of $117.95 billion, a PE ratio of -105.13 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.45 by $0.17. The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The business's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, analysts anticipate that Snowflake Inc. will post -1.44 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $341.57, for a total value of $5,123,550.00. Following the completion of the sale, the executive vice president owned 313,738 shares in the company, valued at approximately $107,163,488.66. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 102,791 shares of the company's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $335.22, for a total value of $34,457,599.02. Following the completion of the sale, the director owned 19,024 shares of the company's stock, valued at $6,377,225.28. This represents a 84.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,246,429 shares of company stock valued at $396,227,952 over the last quarter. 4.80% of the stock is owned by corporate insiders.

About Snowflake

Snowflake Inc NYSE: SNOW provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake's services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.