EFG Asset Management North America Corp. Grows Stock Position in Snowflake Inc. $SNOW

Key Points

• EFG Asset Management North America Corp. increased its holdings in Snowflake Inc. (NYSE:SNOW) by 33.1% in the first quarter, acquiring an additional 3,923 shares for a total value of $2,302,000.
• Several hedge funds boosted their positions in Snowflake during the quarter, with AQR Capital Management increasing its stake by 346.2%, now holding over 3 million shares valued at approximately $456 million.
• Analysts are optimistic about Snowflake, with price targets being raised across multiple firms; the company's stock has a consensus rating of "Moderate Buy" with a target price of $255.53.

EFG Asset Management North America Corp. increased its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 33.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,763 shares of the company's stock after purchasing an additional 3,923 shares during the period. EFG Asset Management North America Corp.'s holdings in Snowflake were worth $2,302,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SNOW. Opal Wealth Advisors LLC purchased a new position in Snowflake in the 1st quarter worth approximately $26,000. CVA Family Office LLC lifted its holdings in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake in the fourth quarter worth about $31,000. Capital A Wealth Management LLC purchased a new stake in shares of Snowflake in the fourth quarter worth about $31,000. Finally, Golden State Wealth Management LLC lifted its position in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after buying an additional 187 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

NYSE:SNOW traded up $3.57 during midday trading on Friday, hitting $225.47. The stock had a trading volume of 5,885,231 shares, compared to its average volume of 7,631,951. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99. The stock has a 50-day moving average of $212.34 and a 200 day moving average of $187.29. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.Snowflake's revenue was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 earnings per share. As a group, equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 3,176,168 shares of company stock worth $708,898,070. 6.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Hsbc Global Res downgraded Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Piper Sandler boosted their price objective on Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Guggenheim restated a "neutral" rating on shares of Snowflake in a report on Thursday, August 28th. UBS Group boosted their price objective on Snowflake from $250.00 to $285.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Raymond James Financial boosted their price objective on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $255.53.

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.