Monetta Financial Services Inc. Invests $658,000 in Snowflake Inc. (NYSE:SNOW)

Key Points

• Monetta Financial Services Inc. has acquired a new stake in Snowflake Inc. during the first quarter, purchasing 4,500 shares valued at approximately $658,000.
• Snowflake's Director, Frank Slootman, recently sold over 424,000 shares, representing a 71.97% decrease in his ownership, while CFO Michael Scarpelli also reduced his stake by 57.75%.
• Various analysts have upgraded Snowflake's stock ratings, with price targets increased to as high as $250.00, indicating a positive outlook among experts.

Monetta Financial Services Inc. bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,500 shares of the company's stock, valued at approximately $658,000.

Several other large investors have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in shares of Snowflake by 124.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock valued at $612,817,000 after purchasing an additional 2,200,406 shares during the last quarter. Invesco Ltd. increased its position in shares of Snowflake by 406.5% in the 4th quarter. Invesco Ltd. now owns 2,441,112 shares of the company's stock valued at $376,932,000 after purchasing an additional 1,959,137 shares during the last quarter. Winslow Capital Management LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $172,683,000. Goldman Sachs Group Inc. increased its position 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 purchasing an additional 650,775 shares during the last quarter. Finally, Voya Investment Management LLC increased its position in shares of Snowflake by 157.0% in the 4th quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock valued at $142,955,000 after purchasing an additional 565,561 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of NYSE SNOW traded down $14.46 during midday trading on Friday, hitting $191.94. The company had a trading volume of 8,603,458 shares, compared to its average volume of 3,533,447. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The business has a 50-day simple moving average of $213.98 and a two-hundred day simple moving average of $183.92. The firm has a market capitalization of $64.08 billion, a price-to-earnings ratio of -45.59 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data 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 net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the business earned $0.14 earnings per share. The business's revenue for the quarter was up 25.8% compared to the same quarter last year. Equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were 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 $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,014,642 shares of company stock valued at $657,325,186 over the last 90 days. 6.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Macquarie increased their price objective on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. Evercore ISI reaffirmed a "buy" rating on shares of Snowflake in a research report on Wednesday, June 4th. Stephens assumed coverage on shares of Snowflake in a research report on Friday, July 18th. They issued an "overweight" rating and a $261.00 target price on the stock. BTIG Research reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Royal Bank Of Canada increased their target price on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Two 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average price target of $226.73.

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.