QRG Capital Management Inc. Increases Position in Snowflake Inc. $SNOW

Key Points

• QRG Capital Management increased its Snowflake stake by 13.7% in the first quarter, ending with 48,919 shares valued at about $7.38 million.
• Several Wall Street analysts turned more bullish on Snowflake, with multiple firms raising price targets; the stock now carries a consensus rating of Moderate Buy and an average target of $293.53.
• Insider selling was notable, including director Frank Slootman’s sale of 99,900 shares and CAO Emily Ho’s sale of 1,860 shares, while Snowflake also reported stronger-than-expected quarterly results with revenue up 33.5% year over year.

QRG Capital Management Inc. boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 13.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,919 shares of the company's stock after acquiring an additional 5,877 shares during the quarter. QRG Capital Management Inc.'s holdings in Snowflake were worth $7,378,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SNOW. Brighton Jones LLC increased its position in shares of Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Intech Investment Management LLC lifted its position in Snowflake by 24.0% in the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock worth $1,637,000 after buying an additional 2,167 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after buying an additional 73 shares during the last quarter. Flow Traders U.S. LLC purchased a new stake in Snowflake in the second quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Snowflake by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock worth $5,055,000 after buying an additional 1,521 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SNOW. Royal Bank Of Canada lifted their price target on shares of Snowflake from $220.00 to $284.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Mizuho upped their price objective on shares of Snowflake from $220.00 to $295.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Rosenblatt Securities increased their target price on shares of Snowflake from $275.00 to $285.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Raymond James Financial reiterated an "outperform" rating and issued a $275.00 target price on shares of Snowflake in a research report on Thursday, May 28th. Finally, Stifel Nicolaus boosted their price target on shares of Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $293.53.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 99,900 shares of the company's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $251.73, for a total transaction of $25,147,827.00. Following the completion of the transaction, the director directly owned 28,535 shares of the company's stock, valued at approximately $7,183,115.55. This represents a 77.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total transaction of $431,985.00. Following the sale, the chief accounting officer owned 41,283 shares of the company's stock, valued at approximately $9,587,976.75. This represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,798,828 shares of company stock worth $415,351,838. 4.80% of the stock is currently owned by insiders.

Snowflake Stock Performance

NYSE:SNOW opened at $259.67 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. The firm has a market cap of $90.00 billion, a PE ratio of -73.77 and a beta of 1.35. The business has a 50 day moving average price of $202.78 and a 200-day moving average price of $190.46.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm's revenue for the quarter was up 33.5% on a year-over-year basis. Equities research analysts predict that Snowflake Inc. will post -1.87 earnings per share for the current year.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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