Optas LLC Takes Position in Snowflake Inc. $SNOW

Key Points

• Optas LLC has acquired a new stake in Snowflake Inc., purchasing 1,122 shares valued at approximately $251,000 during the second quarter.
• Multiple analysts have raised their price targets for Snowflake, with Goldman Sachs setting a new target at $260.00 and Needham & Company setting it at $280.00, both issuing "buy" ratings.
• Snowflake reported a revenue of $1.14 billion for the last quarter, exceeding analyst expectations, along with earnings per share of $0.35, which topped estimates by $0.08.

Optas LLC bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,122 shares of the company's stock, valued at approximately $251,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake in the 1st quarter valued at about $26,000. CVA Family Office LLC raised its holdings in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. Golden State Wealth Management LLC raised its holdings in Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after acquiring an additional 187 shares during the period. HighMark Wealth Management LLC raised its holdings in Snowflake by 200.0% in the 2nd quarter. HighMark Wealth Management LLC now owns 225 shares of the company's stock valued at $50,000 after acquiring an additional 150 shares during the period. Finally, Raleigh Capital Management Inc. bought a new position in Snowflake in the 2nd quarter valued at about $53,000. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Snowflake from $230.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Needham & Company LLC increased their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Mizuho increased their target price on shares of Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Wedbush increased their target price on shares of Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Finally, Cantor Fitzgerald increased their target price on shares of Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $256.18.

Snowflake Stock Performance

NYSE SNOW opened at $250.70 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $84.94 billion, a price-to-earnings ratio of -60.41 and a beta of 1.21. The firm's 50 day simple moving average is $217.89 and its 200 day simple moving average is $197.99. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $253.60.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. As a group, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, CAO Emily Ho sold 1,658 shares of the stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total transaction of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares in the company, valued at approximately $7,150,561.25. This trade represents a 4.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the completion of the transaction, the executive vice president directly owned 532,450 shares of the company's stock, valued at approximately $119,204,906. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,177,434 shares of company stock worth $269,030,661 in the last three months. Company insiders own 6.80% of the company's stock.

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.

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