Kera Capital Partners Inc. Acquires Shares of 3,023 Snowflake Inc. $SNOW

Key Points

• Kera Capital Partners Inc. acquired 3,023 shares of Snowflake Inc. valued at approximately $676,000 during the second quarter, contributing to a growing trend of institutional investment in the company.
• Snowflake's stock has seen a recent upgrade from Bank of America, raising its target price from $220 to $240, with additional upgrades from other analysts setting targets between $225 and $280.
• Insiders sold a significant total of 3,224,389 shares of Snowflake stock over the last 90 days, indicating potential shifts in confidence among company executives.

Kera Capital Partners Inc. acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,023 shares of the company's stock, valued at approximately $676,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AG2R LA Mondiale Gestion D Actifs acquired a new position in Snowflake in the 1st quarter valued at $1,694,000. Voya Investment Management LLC lifted its position in shares of Snowflake by 10.6% during the 1st quarter. Voya Investment Management LLC now owns 1,023,844 shares of the company's stock valued at $149,645,000 after acquiring an additional 98,027 shares during the period. Inspire Investing LLC lifted its position in shares of Snowflake by 23.4% during the 1st quarter. Inspire Investing LLC now owns 2,066 shares of the company's stock valued at $302,000 after acquiring an additional 392 shares during the period. Strs Ohio bought a new stake in shares of Snowflake during the 1st quarter valued at $10,209,000. Finally, SWS Partners lifted its position in shares of Snowflake by 2.5% during the 1st quarter. SWS Partners now owns 20,683 shares of the company's stock valued at $3,023,000 after acquiring an additional 507 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the completion of the sale, the director owned 25,733 shares of the company's stock, valued at $5,785,807.72. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 1,938 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $223.86, for a total value of $433,840.68. Following the sale, the director directly owned 162,737 shares of the company's stock, valued at $36,430,304.82. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,224,389 shares of company stock valued at $719,812,350 over the last 90 days. Company insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Bank of America upgraded Snowflake from a "neutral" rating to a "buy" rating and upped their target price for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. Scotiabank upped their price objective on Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Evercore ISI upped their price objective on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. CICC Research assumed coverage on Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price objective for the company. Finally, Robert W. Baird increased their target price on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Trading Down 1.5%

Shares of SNOW stock opened at $221.17 on Friday. The stock has a market cap of $73.84 billion, a price-to-earnings ratio of -53.29 and a beta of 1.22. The stock has a 50-day moving average of $212.83 and a 200-day moving average of $188.94. The company has a current ratio of 1.48, a quick ratio of 1.58 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 1-year low of $108.71 and a 1-year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The business's quarterly revenue was up 31.8% on a year-over-year basis. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current 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.

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