Morse Asset Management Inc Purchases Shares of 8,736 Snowflake Inc. (NYSE:SNOW)

Morse Asset Management Inc bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 8,736 shares of the company's stock, valued at approximately $1,277,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Snowflake in the fourth quarter valued at approximately $988,950,000. FMR LLC raised its position in Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. GQG Partners LLC acquired a new position in Snowflake during the fourth quarter valued at approximately $750,572,000. Geode Capital Management LLC increased its holdings in shares of Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock worth $642,742,000 after buying an additional 15,314 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Snowflake by 124.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after buying an additional 2,200,406 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SNOW shares. Daiwa America raised shares of Snowflake to a "strong-buy" rating in a research note on Tuesday, April 1st. Hsbc Global Res cut shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Loop Capital increased their price objective on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Piper Sandler reissued an "overweight" rating and set a $215.00 price objective (up previously from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Finally, Mizuho increased their price objective on shares of Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $226.73.

Snowflake Stock Up 2.4%

Shares of NYSE:SNOW opened at $216.74 on Friday. The firm has a fifty day moving average price of $207.75 and a two-hundred day moving average price of $179.06. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake Inc. has a one year low of $107.13 and a one year high of $226.60. The company has a market cap of $72.36 billion, a price-to-earnings ratio of -51.48 and a beta of 1.22.

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

Insider Buying and Selling

In other Snowflake news, Director Mark Garrett sold 67,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the sale, the director owned 7,428 shares of the company's stock, valued at $1,478,023.44. This trade represents a 90.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,718,258 shares of company stock worth $589,762,906 in the last 90 days. 6.80% of the stock is owned by company insiders.

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.

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