FNY Investment Advisers LLC Purchases Shares of 7,051 Snowflake Inc. $SNOW

Key Points

• FNY Investment Advisers LLC acquired 7,051 shares of Snowflake Inc., valued at approximately $1,577,000, indicating strong institutional interest in the company.
• Director Michael L. Speiser sold 50,338 shares of Snowflake, reducing his position by 58.80%, highlighting recent insider selling trends.
• Several analysts have raised their price targets on Snowflake, with a consensus target price of $257.24 and many giving it a "buy" rating, reflecting positive market sentiment.

FNY Investment Advisers LLC acquired a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,051 shares of the company's stock, valued at approximately $1,577,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Cullen Frost Bankers Inc. lifted its stake in Snowflake by 35.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 54,006 shares of the company's stock valued at $12,085,000 after acquiring an additional 14,120 shares in the last quarter. Jackson Thornton Wealth Management LLC acquired a new stake in shares of Snowflake in the 2nd quarter valued at approximately $339,000. Whittier Trust Co. grew its stake in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after buying an additional 82 shares in the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Snowflake in the 2nd quarter valued at about $36,000. Finally, Fiduciary Planning LLC acquired a new stake in Snowflake in the 2nd quarter valued at about $358,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $224.85, for a total value of $11,318,499.30. Following the transaction, the director directly owned 35,276 shares of the company's stock, valued at $7,931,808.60. This trade represents a 58.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the completion of the transaction, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,182,434 shares of company stock worth $270,280,661 over the last three months. Company insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on SNOW shares. Stifel Nicolaus upped their price objective on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Monness Crespi & Hardt boosted their target price on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Stephens started coverage on shares of Snowflake in a research report on Friday, July 18th. They set an "overweight" rating and a $261.00 price objective for the company. Finally, Guggenheim reiterated a "neutral" rating on shares of Snowflake in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $257.24.

Snowflake Trading Up 0.8%

Shares of Snowflake stock opened at $247.52 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a 50-day moving average of $224.55 and a 200-day moving average of $203.51. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $255.39. The stock has a market cap of $83.86 billion, a PE ratio of -59.64 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The firm's revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

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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