Harvest Fund Management Co. Ltd Buys 8,023 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Harvest Fund Management Co. Ltd significantly increased its stake in Snowflake Inc. by 141.6%, acquiring 8,023 additional shares, bringing its total to 13,690 shares valued at approximately $1.999 million.
• Several large investors have also boosted their holdings in Snowflake, with hedge funds and institutional investors owning over 65% of the stock.
• Snowflake reported a revenue increase of 25.8% year-over-year in its latest earnings, posting $1.04 billion and beating analysts' expectations.

Harvest Fund Management Co. Ltd increased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 141.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,690 shares of the company's stock after purchasing an additional 8,023 shares during the period. Harvest Fund Management Co. Ltd's holdings in Snowflake were worth $1,999,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Banque Cantonale Vaudoise bought a new position in Snowflake in the 1st quarter worth about $835,000. GSA Capital Partners LLP boosted its stake in Snowflake by 132.3% in the 1st quarter. GSA Capital Partners LLP now owns 10,158 shares of the company's stock worth $1,485,000 after purchasing an additional 5,786 shares in the last quarter. Valliance Asset Management Ltd bought a new position in Snowflake in the 1st quarter worth about $731,000. Federated Hermes Inc. boosted its stake in Snowflake by 0.8% in the 1st quarter. Federated Hermes Inc. now owns 260,214 shares of the company's stock worth $38,033,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Kirtland Hills Capital Management LLC boosted its stake in Snowflake by 30.8% in the 1st quarter. Kirtland Hills Capital Management LLC now owns 20,820 shares of the company's stock worth $2,986,000 after purchasing an additional 4,900 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the completion of the transaction, the director directly owned 7,428 shares of the company's stock, valued at approximately $1,478,023.44. This trade represents a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,697,855 shares of company stock valued at $586,415,198. 6.80% of the stock is owned by corporate insiders.

Snowflake Price Performance

SNOW traded down $18.43 during trading on Friday, reaching $205.07. 8,572,486 shares of the company traded hands, compared to its average volume of 3,088,446. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The firm has a fifty day simple moving average of $213.78 and a 200 day simple moving average of $182.43. The company has a market cap of $68.46 billion, a P/E ratio of -48.71 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last announced 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 business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm posted $0.14 EPS. The company's revenue was up 25.8% on a year-over-year basis. On average, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Loop Capital upped their target price on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Evercore ISI restated a "buy" rating on shares of Snowflake in a research note on Wednesday, June 4th. Rosenblatt Securities restated a "buy" rating and set a $205.00 target price on shares of Snowflake in a research note on Monday, May 19th. Raymond James Financial restated an "outperform" rating and set a $212.00 target price (up previously from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Hsbc Global Res cut shares of Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake 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.