Guggenheim Capital LLC Grows Stock Position in Snowflake Inc. $SNOW

Key Points

• Guggenheim Capital LLC increased its stake in Snowflake Inc. by 11.3% in the first quarter, owning 148,777 shares valued at approximately $21.7 million.
• Insider selling activity showed that directors Michael L. Speiser and Frank Slootman significantly reduced their holdings, selling 50,338 and 424,852 shares respectively.
• Analysts have set a diverse range of price targets for Snowflake, with estimates ranging from $225.00 to $260.00, reflecting a generally positive outlook despite some mixed ratings.

Guggenheim Capital LLC lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 11.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,777 shares of the company's stock after purchasing an additional 15,067 shares during the period. Guggenheim Capital LLC's holdings in Snowflake were worth $21,745,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quarry LP boosted its holdings in Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after purchasing an additional 59 shares during the period. Ignite Planners LLC boosted its holdings in Snowflake by 2.3% in the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after purchasing an additional 64 shares during the period. Archford Capital Strategies LLC boosted its holdings in Snowflake by 1.9% in the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after purchasing an additional 68 shares during the period. TD Private Client Wealth LLC raised its stake in Snowflake by 8.9% in the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after buying an additional 68 shares in the last quarter. Finally, WD Rutherford LLC lifted its holdings in Snowflake by 0.6% during the 1st quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock worth $1,795,000 after buying an additional 79 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

Shares of SNOW stock opened at $194.63 on Wednesday. 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 stock's 50-day moving average price is $210.53 and its 200 day moving average price is $185.04. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27. The stock has a market capitalization of $64.98 billion, a PE ratio of -46.23 and a beta of 1.22.

Insider Activity at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the transaction, the director owned 37,796 shares in the company, valued at approximately $7,988,184.60. The trade was a 57.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,516,826 shares of company stock worth $555,691,052 in the last quarter. 6.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SNOW has been the subject of a number of recent analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $260.00 price target on shares of Snowflake in a report on Tuesday. DA Davidson reaffirmed a "buy" rating and set a $250.00 price target on shares of Snowflake in a report on Monday. CICC Research began coverage on Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 target price on the stock. KeyCorp reiterated an "overweight" rating on shares of Snowflake in a research report on Wednesday, June 25th. Finally, Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $230.22.

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.

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