QRG Capital Management Inc. Has $5.14 Million Stake in Snowflake Inc. $SNOW

Key Points

• QRG Capital Management Inc. has reduced its stake in Snowflake Inc. by 44.1%, selling 18,128 shares, leaving them with 22,947 shares valued at approximately $5.14 million as reported in their recent SEC filing.
• Snowflake reported a 31.8% year-over-year revenue increase with quarterly earnings of $0.35 per share, surpassing analysts' estimates of $0.27, while their revenue reached $1.14 billion.
• Multiple research firms have increased their price targets for Snowflake, with Piper Sandler setting a new target at $285.00 and Bank of America upgrading their rating from "neutral" to "buy".

QRG Capital Management Inc. decreased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 44.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 22,947 shares of the company's stock after selling 18,128 shares during the period. QRG Capital Management Inc.'s holdings in Snowflake were worth $5,135,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Fortis Capital Advisors LLC bought a new stake in Snowflake during the 2nd quarter valued at approximately $967,000. Fairvoy Private Wealth LLC acquired a new stake in Snowflake during the 2nd quarter valued at $1,040,000. Ameritas Advisory Services LLC acquired a new stake in shares of Snowflake in the 2nd quarter valued at $84,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Snowflake in the 2nd quarter valued at $224,000. Finally, HighMark Wealth Management LLC grew its stake in shares of Snowflake by 200.0% during the second quarter. HighMark Wealth Management LLC now owns 225 shares of the company's stock worth $50,000 after purchasing an additional 150 shares during the period. Institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

Shares of NYSE SNOW opened at $235.42 on Monday. The business's 50 day moving average price is $215.94 and its two-hundred day moving average price is $196.17. The company has a market cap of $79.76 billion, a PE ratio of -56.73 and a beta of 1.21. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a twelve month low of $111.15 and a twelve month high of $249.99.

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

Analysts Set New Price Targets

Several research firms have weighed in on SNOW. Piper Sandler lifted their target price on Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Stifel Nicolaus boosted their price target on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Rosenblatt Securities boosted their price target on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, August 28th. UBS Group boosted their price target on Snowflake from $250.00 to $285.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Bank of America raised Snowflake from a "neutral" rating to a "buy" rating and lifted their target price for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. Two 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $255.53.

Insider Transactions at Snowflake

In other news, SVP Vivek Raghunathan sold 11,801 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,227,176 shares of company stock worth $279,503,457 over the last three months. Company insiders own 6.80% of the company's stock.

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.

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