Parcion Private Wealth LLC Invests $370,000 in Snowflake Inc. (NYSE:SNOW)

Parcion Private Wealth LLC acquired a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,533 shares of the company's stock, valued at approximately $370,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. Norges Bank purchased a new position in shares of Snowflake in the fourth quarter worth about $988,950,000. FMR LLC raised its stake in Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after purchasing an additional 2,805,425 shares during the period. GQG Partners LLC purchased a new position in Snowflake during the fourth quarter worth about $750,572,000. Geode Capital Management LLC raised its stake in 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 purchasing an additional 15,314 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in 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 purchasing an additional 2,200,406 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SNOW. Loop Capital lifted their target price on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. DA Davidson reiterated a "buy" rating and issued a $250.00 price target on shares of Snowflake in a research note on Wednesday, June 4th. Barclays restated an "overweight" rating and set a $219.00 price objective (up previously from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. Oppenheimer reiterated an "outperform" rating on shares of Snowflake in a research report on Tuesday, June 24th. Finally, Cowen reiterated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and an average price target of $225.36.

Insider Transactions at Snowflake

In related news, Director Teresa Briggs sold 1,146 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director owned 4,474 shares of the company's stock, valued at approximately $974,168.76. The trade was a 20.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total value of $2,188,900.00. Following the completion of the sale, the executive vice president directly owned 547,336 shares of the company's stock, valued at approximately $119,806,377.04. The trade was a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,718,258 shares of company stock worth $589,762,906. 6.80% of the stock is owned by corporate insiders.

Snowflake Price Performance

NYSE:SNOW opened at $211.79 on Thursday. The business's 50-day moving average price is $206.15 and its 200 day moving average price is $178.07. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market cap of $70.71 billion, a P/E ratio of -50.31 and a beta of 1.22. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping 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 company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the company posted $0.14 earnings per share. The business's revenue for the quarter was up 25.8% on a year-over-year basis. As a group, sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

About Snowflake

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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.