Kornitzer Capital Management Inc. KS Raises Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Kornitzer Capital Management Inc. increased its stake in Snowflake Inc. by 3.6% during the second quarter, owning 51,900 shares valued at approximately $11.6 million as per the latest SEC filing.
• Several hedge funds adjusted their positions with notable increases, including Avion Wealth raising its stake by 76.6%, and Whittier Trust Co. increasing its stake by 149.1%.
• Snowflake reported a quarterly revenue of $1.14 billion, exceeding analysts' expectations, and achieved an EPS of $0.35, surpassing the consensus estimate of $0.27.

Kornitzer Capital Management Inc. KS grew its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,900 shares of the company's stock after buying an additional 1,800 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Snowflake were worth $11,614,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the second quarter worth about $25,000. Avion Wealth lifted its stake in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock worth $25,000 after acquiring an additional 49 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock worth $31,000 after acquiring an additional 82 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Snowflake during the 2nd quarter worth approximately $36,000. Finally, Golden State Wealth Management LLC lifted its stake in shares of Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after acquiring an additional 187 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on SNOW. Stephens began coverage on Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 price objective on the stock. Jefferies Financial Group raised their price objective on Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. KeyCorp lifted their price target on Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Mizuho lifted their price target on Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, The Goldman Sachs Group lifted their price target on Snowflake from $230.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given 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 an average rating of "Moderate Buy" and a consensus price target of $257.24.

Snowflake Stock Performance

SNOW traded up $4.85 on Friday, reaching $257.84. 5,164,555 shares of the stock were exchanged, compared to its average volume of 4,424,210. The company's 50-day moving average price is $227.78 and its 200 day moving average price is $205.48. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $259.75. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market capitalization of $87.36 billion, a PE ratio of -62.13 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping 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 analysts' expectations of $1.09 billion. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm's revenue was up 31.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the sale, the senior vice president owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Emily Ho sold 1,658 shares of Snowflake stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 1,182,434 shares of company stock worth $270,280,661 in the last quarter. 6.80% of the stock is owned by insiders.

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.

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