GAMMA Investing LLC Increases Stake in Snowflake Inc. (NYSE:SNOW)

GAMMA Investing LLC increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 29,543.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 115,905 shares of the company's stock after purchasing an additional 115,514 shares during the quarter. GAMMA Investing LLC's holdings in Snowflake were worth $16,941,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Snowflake by 1.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock valued at $104,028,000 after buying an additional 8,857 shares during the period. Kirtland Hills Capital Management LLC increased its holdings in Snowflake by 40.1% in the 4th quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company's stock worth $2,458,000 after acquiring an additional 4,559 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Snowflake by 455.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock worth $19,174,000 after acquiring an additional 101,806 shares during the last quarter. SPX Gestao de Recursos Ltda bought a new stake in Snowflake in the 4th quarter valued at about $3,088,000. Finally, Onyx Bridge Wealth Group LLC purchased a new stake in Snowflake during the fourth quarter valued at about $237,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insiders Place Their Bets

In other Snowflake news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 685 shares of Snowflake stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $100,859.40. Following the completion of the sale, the executive vice president now owns 622,611 shares in the company, valued at approximately $91,673,243.64. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 849,779 shares of company stock valued at $159,318,643 in the last quarter. Insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SNOW shares. KeyCorp lowered their price target on shares of Snowflake from $220.00 to $192.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Rosenblatt Securities reissued a "buy" rating and set a $205.00 target price on shares of Snowflake in a report on Monday, May 19th. Macquarie raised their price target on Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a report on Wednesday. Cowen reiterated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Piper Sandler reiterated an "overweight" rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $221.97.

Snowflake Trading Up 0.3%

SNOW stock traded up $0.68 during trading on Friday, hitting $210.78. 3,796,901 shares of the company traded hands, compared to its average volume of 6,348,619. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a 50-day moving average of $168.14 and a 200-day moving average of $168.59. The firm has a market capitalization of $70.37 billion, a PE ratio of -62.18 and a beta of 1.21. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $214.83.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the business earned $0.14 earnings per share. The business's revenue was up 25.8% on a year-over-year basis. Analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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.