Exane Asset Management Invests $585,000 in Snowflake Inc. $SNOW

Key Points

• Exane Asset Management has invested approximately $585,000 in Snowflake Inc., purchasing 2,613 shares, which now represents around 0.2% of its investment portfolio.
• Snowflake reported a revenue of $1.14 billion in its latest quarter, surpassing analyst expectations, with earnings increasing 31.8% year-over-year.
• Several analysts have raised their price targets for Snowflake stock, with current averages suggesting a potential upside, indicating strong market confidence in the company's future growth.

Exane Asset Management purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 2,613 shares of the company's stock, valued at approximately $585,000. Snowflake accounts for approximately 0.2% of Exane Asset Management's portfolio, making the stock its 19th largest position.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Wellington Management Group LLP increased its position in Snowflake by 1,325.2% during the 4th quarter. Wellington Management Group LLP now owns 108,527 shares of the company's stock valued at $16,758,000 after buying an additional 100,912 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Snowflake by 77.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 337 shares of the company's stock valued at $49,000 after buying an additional 147 shares during the last quarter. Versant Capital Management Inc raised its stake in Snowflake by 134.3% during the first quarter. Versant Capital Management Inc now owns 403 shares of the company's stock valued at $59,000 after buying an additional 231 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Snowflake by 29,543.2% in the first quarter. GAMMA Investing LLC now owns 115,905 shares of the company's stock worth $16,941,000 after acquiring an additional 115,514 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Snowflake Trading Up 1.4%

Shares of SNOW stock opened at $224.64 on Monday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 12-month low of $108.71 and a 12-month high of $249.99. The stock has a market capitalization of $76.11 billion, a P/E ratio of -54.13 and a beta of 1.22. The firm's 50 day moving average is $214.29 and its 200 day moving average is $193.53.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. Snowflake's revenue was up 31.8% compared to the same quarter last year. Research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SNOW shares. Rosenblatt Securities raised their price target on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Scotiabank raised their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Loop Capital lifted their target price on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Oppenheimer raised their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Finally, Wedbush upped their price objective on Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Insider Buying and Selling at Snowflake

In other news, CAO Emily Ho sold 1,658 shares of Snowflake stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the transaction, the chief accounting officer directly owned 31,745 shares of the company's stock, valued at $7,150,561.25. The trade was a 4.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the completion of the transaction, the director owned 25,733 shares of the company's stock, valued at approximately $5,785,807.72. The trade was a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,251,864 shares of company stock valued at $504,714,102 in the last ninety days. Corporate insiders own 6.80% of the company's stock.

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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