Manhattan West Asset Management LLC boosted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 21.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,120 shares of the company's stock after purchasing an additional 2,130 shares during the quarter. Manhattan West Asset Management LLC's holdings in Snowflake were worth $1,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC acquired a new stake in Snowflake in the first quarter worth about $26,000. CVA Family Office LLC boosted its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after acquiring an additional 88 shares in the last quarter. West Paces Advisors Inc. acquired a new stake in Snowflake in the fourth quarter worth about $31,000. Spurstone Advisory Services LLC acquired a new stake in Snowflake in the fourth quarter worth about $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in Snowflake in the fourth quarter worth about $31,000. Institutional investors own 65.10% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. UBS Group upgraded Snowflake from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $210.00 to $265.00 in a research note on Wednesday, June 4th. Stifel Nicolaus raised their price objective on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. DA Davidson restated a "buy" rating and issued a $250.00 price objective on shares of Snowflake in a research note on Wednesday, June 4th. Finally, HSBC cut Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.73.
Read Our Latest Stock Report on SNOW
Snowflake Price Performance
Shares of NYSE:SNOW traded down $14.46 during trading on Friday, reaching $191.94. The stock had a trading volume of 8,603,458 shares, compared to its average volume of 3,770,819. 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 business has a fifty day moving average price of $213.98 and a 200-day moving average price of $184.03. The stock has a market cap of $64.08 billion, a PE ratio of -45.59 and a beta of 1.22. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27.
Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates 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 was up 25.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. On average, equities analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.
Insider Transactions at Snowflake
In other news, Director Frank Slootman sold 256,046 shares of Snowflake stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the sale, the director directly owned 165,507 shares of the company's stock, valued at $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $84,102.07. Following the completion of the sale, the director directly owned 26,136 shares in the company, valued at $5,454,321.84. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,014,642 shares of company stock valued at $657,325,186. Insiders own 6.80% of the company's stock.
Snowflake Profile
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Free Report)
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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