Joule Financial LLC Purchases 1,873 Shares of Snowflake Inc. (NYSE:SNOW)

Joule Financial LLC boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 61.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,904 shares of the company's stock after purchasing an additional 1,873 shares during the period. Joule Financial LLC's holdings in Snowflake were worth $717,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SNOW. Norges Bank bought a new stake in shares of Snowflake during the 4th quarter worth $988,950,000. GQG Partners LLC purchased a new stake in Snowflake during the fourth quarter worth about $750,572,000. FMR LLC raised its position in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the period. Price T Rowe Associates Inc. MD raised its position in Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after acquiring an additional 2,200,406 shares during the period. Finally, Groupama Asset Managment boosted its stake in Snowflake by 930,132.6% in the fourth quarter. Groupama Asset Managment now owns 2,000,000 shares of the company's stock valued at $308,820,000 after acquiring an additional 1,999,785 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald raised their price target on shares of Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Piper Sandler reissued an "overweight" rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Raymond James reissued an "outperform" rating and issued a $212.00 target price (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. BTIG Research reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. increased their price target on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $221.97.

Snowflake Stock Up 0.3%

Shares of SNOW opened at $210.78 on Friday. The firm has a market cap of $70.37 billion, a P/E 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. The stock has a 50 day simple moving average of $169.37 and a two-hundred day simple moving average of $169.15. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

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

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 685 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total transaction of $100,859.40. Following the completion of the sale, the executive vice president now owns 622,611 shares of the company's stock, valued at approximately $91,673,243.64. This represents a 0.11% 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, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. The trade was a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 849,779 shares of company stock worth $159,318,643 over the last three months. Company insiders own 6.80% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.