Park Avenue Securities LLC Buys Shares of 10,416 Snowflake Inc. $SNOW

Key Points

• Park Avenue Securities LLC purchased 10,416 shares of Snowflake Inc. valued at approximately $2.33 million in the second quarter, increasing institutional ownership to 65.10% of the company’s stock.
• Several analysts have upgraded their price targets for Snowflake, with Scotiabank raising its target from $230 to $280, reflecting strong market sentiment towards the company's performance.
• In recent insider transactions, directors sold over 2.7 million shares of Snowflake stock, indicating a decrease in their holdings despite the company's growing market cap and revenue growth.

Park Avenue Securities LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 10,416 shares of the company's stock, valued at approximately $2,331,000.

Several other hedge funds have also made changes to their positions in SNOW. Avanza Fonder AB bought a new stake in Snowflake in the second quarter valued at $4,595,000. Abacus FCF Advisors LLC acquired a new stake in shares of Snowflake in the 2nd quarter worth about $8,302,000. Capital Advantage Inc. lifted its position in Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock valued at $987,000 after purchasing an additional 48 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Snowflake by 101.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 9,679 shares of the company's stock valued at $2,166,000 after purchasing an additional 4,878 shares during the period. Finally, CX Institutional grew its position in Snowflake by 31.0% in the 2nd quarter. CX Institutional now owns 372 shares of the company's stock worth $83,000 after purchasing an additional 88 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $224.84, for a total value of $90,610.52. Following the completion of the transaction, the director owned 25,733 shares in the company, valued at $5,785,807.72. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This represents a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,774,140 shares of company stock valued at $621,182,005 in the last three months. 6.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SNOW has been the subject of several analyst reports. Scotiabank boosted their price objective on Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Citigroup reiterated an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Robert W. Baird raised their price target on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Rosenblatt Securities lifted their price objective on shares of Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, Loop Capital increased their target price on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Snowflake has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Stock Performance

NYSE:SNOW opened at $222.70 on Thursday. The company has a 50-day moving average of $213.93 and a 200-day moving average of $191.91. The firm has a market cap of $75.45 billion, a price-to-earnings ratio of -53.66 and a beta of 1.22. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion during 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 business's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 earnings per share. Analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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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