Oak Thistle LLC Raises Stake in Snowflake Inc. (NYSE:SNOW)

Oak Thistle LLC lifted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 46.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,581 shares of the company's stock after acquiring an additional 2,398 shares during the period. Oak Thistle LLC's holdings in Snowflake were worth $1,108,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. KLP Kapitalforvaltning AS raised its position in Snowflake by 1.1% in the 1st quarter. KLP Kapitalforvaltning AS now owns 100,900 shares of the company's stock worth $14,748,000 after purchasing an additional 1,100 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its position in Snowflake by 15.3% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 179,798 shares of the company's stock worth $26,279,000 after purchasing an additional 23,845 shares during the period. Ignite Planners LLC raised its position in Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after purchasing an additional 64 shares during the period. HighPoint Advisor Group LLC increased its position in shares of Snowflake by 5.3% during the first quarter. HighPoint Advisor Group LLC now owns 1,880 shares of the company's stock worth $301,000 after acquiring an additional 95 shares during the period. Finally, Gries Financial LLC purchased a new position in shares of Snowflake during the first quarter worth approximately $360,000. Institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $13,331,660.00. Following the completion of the sale, the director owned 7,428 shares in the company, valued at $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,718,258 shares of company stock worth $589,762,906. 6.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Monness Crespi & Hardt raised their target price on shares of Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Oppenheimer reissued an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Royal Bank Of Canada lifted their price objective on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Daiwa America raised shares of Snowflake to a "strong-buy" rating in a report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. Two 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $226.73.

Snowflake Price Performance

NYSE SNOW traded up $2.28 during trading hours on Thursday, hitting $214.84. 2,224,562 shares of the company's stock traded hands, compared to its average volume of 3,248,868. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $226.60. The company has a market capitalization of $71.73 billion, a PE ratio of -51.03 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm's 50-day moving average is $210.36 and its 200-day moving average is $180.40.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results 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. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the company posted $0.14 EPS. The business's revenue for the quarter was up 25.8% on a year-over-year basis. Equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake Company 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.