Kirtland Hills Capital Management LLC Acquires 4,900 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Kirtland Hills Capital Management LLC increased its stake in Snowflake Inc. by 30.8% during the 1st quarter, owning a total of 20,820 shares valued at approximately $2.99 million.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Snowflake, with an average price target of $226.73, reflecting confidence in the company's growth prospects.
• Insider trading shows that directors recently sold a combined 1,549 shares of the company's stock, indicating a 1.5% decrease in ownership for one director after the sale.

Kirtland Hills Capital Management LLC increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 30.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 20,820 shares of the company's stock after acquiring an additional 4,900 shares during the period. Snowflake makes up approximately 1.8% of Kirtland Hills Capital Management LLC's holdings, making the stock its 11th largest holding. Kirtland Hills Capital Management LLC's holdings in Snowflake were worth $2,986,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Meeder Advisory Services Inc. grew its stake in shares of Snowflake by 11.0% during the first quarter. Meeder Advisory Services Inc. now owns 5,396 shares of the company's stock valued at $789,000 after acquiring an additional 534 shares in the last quarter. Fiera Capital Corp boosted its holdings in Snowflake by 21.8% in the first quarter. Fiera Capital Corp now owns 33,607 shares of the company's stock valued at $4,912,000 after purchasing an additional 6,016 shares during the last quarter. Ramirez Asset Management Inc. grew its stake in Snowflake by 35.3% during the 1st quarter. Ramirez Asset Management Inc. now owns 1,150 shares of the company's stock valued at $168,000 after purchasing an additional 300 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Snowflake by 33.8% during the 1st quarter. Mackenzie Financial Corp now owns 26,695 shares of the company's stock worth $3,902,000 after purchasing an additional 6,739 shares during the last quarter. Finally, Corton Capital Inc. purchased a new stake in Snowflake during the 1st quarter worth approximately $233,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

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

Analyst Upgrades and Downgrades

SNOW has been the subject of several research reports. DA Davidson reiterated a "buy" rating and issued a $250.00 target price on shares of Snowflake in a research report on Wednesday, June 4th. Truist Financial raised their price objective on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Stephens started coverage on shares of Snowflake in a research note on Friday, July 18th. They set an "overweight" rating and a $261.00 target price for the company. Raymond James Financial reissued an "outperform" rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Finally, Robert W. Baird lifted their price target on shares of Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Stock Performance

Shares of NYSE:SNOW traded down $18.11 on Friday, hitting $205.39. 6,080,937 shares of the company were exchanged, compared to its average volume of 5,087,470. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The company's 50 day moving average price is $213.78 and its two-hundred day moving average price is $182.43. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The firm has a market capitalization of $68.57 billion, a price-to-earnings ratio of -48.87 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly 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. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the firm posted $0.14 EPS. The company's revenue for the quarter was up 25.8% on a year-over-year basis. Research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Snowflake Company 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.