KLP Kapitalforvaltning AS Boosts Stock Position in Snowflake Inc. $SNOW

Key Points

• KLP Kapitalforvaltning AS increased its stake in Snowflake Inc. by 14.7% in the second quarter, owning 115,700 shares, valued at approximately $25.89 million.
• Snowflake's stock is currently trading at $235.34, down 3.0%, with a twelve-month high of $249.99 and a low of $113.13.
• The company reported earnings per share of $0.35, exceeding estimates, with quarterly revenue of $1.14 billion, up 31.8% year-over-year.

KLP Kapitalforvaltning AS increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 14.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,700 shares of the company's stock after acquiring an additional 14,800 shares during the period. KLP Kapitalforvaltning AS's holdings in Snowflake were worth $25,890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its stake in shares of Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after acquiring an additional 650,775 shares during the last quarter. CenterBook Partners LP bought a new position in Snowflake during the 1st quarter valued at approximately $2,381,000. Berkshire Capital Holdings Inc. raised its position in Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after purchasing an additional 7,150 shares during the last quarter. Lyell Wealth Management LP raised its position in Snowflake by 5.1% during the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after purchasing an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Snowflake during the 1st quarter valued at approximately $898,000. Institutional investors own 65.10% of the company's stock.

Snowflake Stock Down 3.0%

SNOW stock opened at $235.34 on Wednesday. Snowflake Inc. has a twelve month low of $113.13 and a twelve month high of $249.99. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market cap of $79.73 billion, a PE ratio of -56.71 and a beta of 1.21. The business has a 50 day moving average of $216.75 and a 200 day moving average of $197.03.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.09 billion. During the same quarter last year, the company earned $0.18 EPS. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the transaction, the executive vice president directly owned 527,336 shares of the company's stock, valued at approximately $123,132,956. This trade represents a 1.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,177,434 shares of company stock worth $269,030,661 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. CICC Research assumed coverage on Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target for the company. Needham & Company LLC upped their price target on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. DA Davidson reaffirmed a "buy" rating and set a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Stephens began coverage on Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. Finally, BTIG Research upped their target price on Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and an average price target of $255.53.

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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