Johnson Investment Counsel Inc. Takes $262,000 Position in Snowflake Inc. $SNOW

Key Points

• Johnson Investment Counsel Inc. acquired a new position in Snowflake Inc. during Q2, buying 1,171 shares valued at approximately $262,000.
• Insider transactions show significant selling, with SVP Vivek Raghunathan selling 11,801 shares for over $2.6 million, reflecting a 4.65% decrease in his stock ownership.
• Analysts maintain a consensus rating of "Moderate Buy" for Snowflake, with a target price of $256.18, as several firms recently upgraded their price targets.

Johnson Investment Counsel Inc. purchased a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,171 shares of the company's stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Capital Advantage Inc. boosted its stake in shares of Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock valued at $987,000 after purchasing an additional 48 shares in the last quarter. Ignite Planners LLC boosted its stake in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after purchasing an additional 64 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in shares of Snowflake by 1.9% in the 1st 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 in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after purchasing an additional 68 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In other news, SVP Vivek Raghunathan sold 11,801 shares of the firm's stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Emily Ho sold 1,658 shares of the firm's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the sale, the chief accounting officer directly owned 31,745 shares of the company's stock, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SNOW has been the subject of a number of research reports. Wells Fargo & Company initiated coverage on shares of Snowflake in a research note on Tuesday, September 30th. They issued an "overweight" rating and a $275.00 price objective for the company. UBS Group upped their price target on shares of Snowflake from $285.00 to $310.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Monness Crespi & Hardt upped their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Cantor Fitzgerald upped their price target on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Finally, DA Davidson reiterated a "buy" rating and set a $250.00 price target on shares of Snowflake in a report on Monday, August 25th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $256.18.

Snowflake Trading Up 0.0%

NYSE:SNOW opened at $240.88 on Thursday. The company has a 50-day moving average price of $220.73 and a 200-day moving average price of $200.36. Snowflake Inc. has a 12 month low of $113.23 and a 12 month high of $255.39. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market cap of $81.61 billion, a price-to-earnings ratio of -58.04 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same period last year, the company posted $0.18 EPS. The company's quarterly revenue was up 31.8% compared to the same quarter last year. Equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

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.

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