Federated Hermes Inc. Grows Stake in Snowflake Inc. (NYSE:SNOW)

Key Points

• Federated Hermes Inc. increased its stake in Snowflake Inc. by 0.8%, owning a total of 260,214 shares valued at approximately $38 million after acquiring an additional 2,110 shares in the 1st quarter.
• Snowflake reported $1.04 billion in revenue for the most recent quarter, surpassing analyst expectations, with a 25.8% year-over-year increase, and a quarterly EPS of $0.24, exceeding estimates by $0.02.
• Insider trading activity included significant sales, with Director Frank Slootman selling over 424,000 shares, decreasing his position by 71.97%, highlighting potential concerns over executive confidence in the stock's future.

Federated Hermes Inc. increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 260,214 shares of the company's stock after purchasing an additional 2,110 shares during the period. Federated Hermes Inc. owned approximately 0.08% of Snowflake worth $38,033,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake in the first quarter worth approximately $26,000. CVA Family Office LLC boosted its stake in shares of Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

NYSE:SNOW traded down $18.43 on Friday, hitting $205.07. The stock had a trading volume of 8,572,486 shares, compared to its average volume of 3,088,446. The stock has a market cap of $68.46 billion, a price-to-earnings ratio of -48.71 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The business's 50-day simple moving average is $213.88 and its two-hundred day simple moving average is $182.72. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm posted $0.14 EPS. The company's revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $89,252.41. Following the transaction, the director owned 26,539 shares of the company's stock, valued at $5,877,592.33. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa Briggs sold 1,146 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total transaction of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at $974,168.76. This represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,697,855 shares of company stock worth $586,415,198. Corporate insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Macquarie raised their price target on Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Oppenheimer reaffirmed an "outperform" rating on shares of Snowflake in a research note on Tuesday, June 24th. Hsbc Global Res lowered Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Barclays reaffirmed an "overweight" rating and issued a $219.00 price target (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $226.73.

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.