Longbow Finance SA Makes New Investment in Snowflake Inc. (NYSE:SNOW)

Key Points

• Longbow Finance SA acquired 30,301 shares of Snowflake Inc., valued at approximately $4.4 million, reflecting growing interest from institutional investors in the company's stock.
• Directors Mark Garrett and Frank Slootman significantly reduced their holdings, with Garrett selling 67,000 shares and Slootman selling 424,852 shares in recent transactions.
• Analysts are optimistic about Snowflake's growth prospects, with multiple firms raising their price targets and issuing a consensus rating of "Moderate Buy".

Longbow Finance SA purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 30,301 shares of the company's stock, valued at approximately $4,429,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in Snowflake during the first quarter valued at about $26,000. CVA Family Office LLC raised its holdings in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in shares of Snowflake in the fourth quarter worth about $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake in the fourth quarter worth about $31,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Snowflake in the fourth quarter worth about $31,000. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Up 2.1%

Shares of SNOW stock traded up $4.53 during mid-day trading on Friday, hitting $219.55. 3,256,701 shares of the company's stock were exchanged, compared to its average volume of 3,105,871. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $226.60. The stock has a 50-day simple moving average of $211.09 and a two-hundred day simple moving average of $180.95. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $73.30 billion, a price-to-earnings ratio of -52.15 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business's revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 EPS. Equities analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SNOW shares. KeyCorp reaffirmed an "overweight" rating on shares of Snowflake in a report on Wednesday, June 25th. Loop Capital lifted their target price on Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Cantor Fitzgerald lifted their target price on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Rosenblatt Securities reissued a "buy" rating and set a $205.00 price objective on shares of Snowflake in a research note on Monday, May 19th. Finally, Royal Bank Of Canada upped their price objective on Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Transactions at Snowflake

In related news, Director Teresa Briggs sold 1,146 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares in the company, valued at approximately $974,168.76. This represents a 20.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $221.47, for a total value of $89,252.41. Following the completion of the sale, the director owned 26,539 shares of the company's stock, valued at approximately $5,877,592.33. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,708,258 shares of company stock valued at $588,162,906. Corporate insiders own 6.80% of the company's stock.

Snowflake 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.