Pinnacle Investment Management Ltd Acquires Shares of 20,000 Snowflake Inc. (NYSE:SNOW)

Pinnacle Investment Management Ltd acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 20,000 shares of the company's stock, valued at approximately $3,088,000. Snowflake makes up about 2.3% of Pinnacle Investment Management Ltd's holdings, making the stock its 6th biggest holding.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Asset Dedication LLC boosted its stake in shares of Snowflake by 6.8% during the fourth quarter. Asset Dedication LLC now owns 922 shares of the company's stock valued at $142,000 after purchasing an additional 59 shares in the last quarter. Quarry LP increased its holdings in Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after purchasing an additional 59 shares during the period. Gabelli Funds LLC increased its stake in shares of Snowflake by 3.3% in the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after buying an additional 65 shares during the period. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Snowflake by 0.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company's stock worth $2,077,000 after purchasing an additional 69 shares during the period. Finally, Larson Financial Group LLC raised its position in shares of Snowflake by 21.8% in the 4th quarter. Larson Financial Group LLC now owns 413 shares of the company's stock worth $64,000 after acquiring an additional 74 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW traded down $3.19 during mid-day trading on Friday, hitting $199.99. 11,901,781 shares of the company traded hands, compared to its average volume of 6,472,348. Snowflake Inc. has a one year low of $107.13 and a one year high of $205.40. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The firm has a market cap of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11. The stock's fifty day moving average price is $159.20 and its 200-day moving average price is $163.56.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business's revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the business earned $0.14 EPS. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the transaction, the executive vice president now owns 594,975 shares in the company, valued at $102,186,956.25. This represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the transaction, the director now directly owns 26,375 shares of the company's stock, valued at approximately $3,408,968.75. This represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 356,963 shares of company stock worth $58,204,058 in the last three months. Corporate insiders own 7.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Daiwa America upgraded Snowflake to a "strong-buy" rating in a report on Tuesday, April 1st. Scotiabank restated an "outperform" rating on shares of Snowflake in a research note on Thursday. Jefferies Financial Group boosted their price target on shares of Snowflake from $190.00 to $220.00 and gave the company a "buy" rating in a research report on Tuesday. DA Davidson upped their price target on Snowflake from $200.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Oppenheimer restated an "outperform" rating and set a $225.00 target price (up from $210.00) on shares of Snowflake in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus price target of $217.33.

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.