NFSG Corp Acquires 10,696 Shares of Snowflake Inc. $SNOW

Key Points

• NFSG Corp boosted its Snowflake stake by 34.5% in the first quarter, buying 10,696 additional shares and bringing its total to 41,718 shares valued at about $6.29 million.
• Snowflake continues to attract major institutional investors, with firms like Vanguard, Jennison, Nuveen, Geode, and Norges Bank holding sizable positions; overall, institutions own 65.10% of the stock.
• Wall Street remains broadly optimistic on Snowflake, with a consensus rating of “Moderate Buy” and an average price target of $293.53. The company also beat quarterly earnings and revenue estimates, even as insiders have recently sold shares.

NFSG Corp raised its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 34.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,718 shares of the company's stock after acquiring an additional 10,696 shares during the period. Snowflake comprises about 1.0% of NFSG Corp's investment portfolio, making the stock its 23rd largest holding. NFSG Corp's holdings in Snowflake were worth $6,292,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SNOW. Vanguard Group Inc. raised its position in shares of Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares during the period. Jennison Associates LLC grew its position in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Nuveen LLC increased its stake in Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock worth $1,157,749,000 after purchasing an additional 116,521 shares in the last quarter. Geode Capital Management LLC increased its stake in Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock worth $1,052,195,000 after purchasing an additional 249,668 shares in the last quarter. Finally, Norges Bank acquired a new stake in Snowflake during the 4th quarter worth approximately $974,091,000. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Snowflake from $245.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Loop Capital increased their price objective on shares of Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Barclays raised their price objective on shares of Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. Monness Crespi & Hardt boosted their price objective on shares of Snowflake from $282.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Finally, Mizuho upped their target price on shares of Snowflake from $220.00 to $295.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $293.53.

Snowflake Trading Up 2.8%

NYSE SNOW opened at $276.21 on Wednesday. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock's 50 day moving average price is $220.12 and its two-hundred day moving average price is $192.44. The stock has a market capitalization of $95.73 billion, a price-to-earnings ratio of -78.47 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the business earned $0.24 EPS. The business's quarterly revenue was up 33.5% on a year-over-year basis. As a group, analysts anticipate that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Frank Slootman sold 437,076 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the completion of the transaction, the director owned 38,046 shares of the company's stock, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the transaction, the director directly owned 28,556 shares of the company's stock, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is owned by insiders.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.