Rheos Capital Works Inc. Purchases New Shares in Snowflake Inc. $SNOW

Key Points

• Rheos Capital Works Inc. acquired 102,000 shares of Snowflake Inc. for roughly $22.8 million, marking it as the fund's 23rd largest holding.
• Multiple analysts have upgraded Snowflake's stock recently, with price targets now reaching up to $280, while the consensus rating is a Moderate Buy.
• Insider trading activity included significant sales, with director Frank Slootman selling 7,551 shares valued at approximately $1.67 million, reducing his ownership by 4.70%.

Rheos Capital Works Inc. purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 102,000 shares of the company's stock, valued at approximately $22,825,000. Snowflake comprises approximately 1.3% of Rheos Capital Works Inc.'s investment portfolio, making the stock its 23rd biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake in the second quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in Snowflake in the first quarter worth $26,000. Golden State Wealth Management LLC grew its stake in Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after purchasing an additional 187 shares during the period. Tradewinds Capital Management LLC increased its position in shares of Snowflake by 53.1% during the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock valued at $36,000 after purchasing an additional 85 shares during the last quarter. Finally, CX Institutional bought a new stake in shares of Snowflake during the 1st quarter worth $42,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SNOW. CICC Research assumed coverage on shares of Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target for the company. Robert W. Baird increased their target price on shares of Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Bank of America upgraded Snowflake from a "neutral" rating to a "buy" rating and upped their price objective for the company from $220.00 to $240.00 in a research note on Wednesday, August 20th. Scotiabank increased their price objective on Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Monness Crespi & Hardt boosted their target price on Snowflake from $245.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $256.18.

Insider Activity

In other news, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the sale, the director directly owned 153,226 shares of the company's stock, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Emily Ho sold 1,658 shares of the business's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total transaction of $373,464.50. Following the transaction, the chief accounting officer directly owned 31,745 shares of the company's stock, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is currently owned by insiders.

Snowflake Trading Down 2.4%

NYSE:SNOW opened at $241.39 on Wednesday. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $255.39. The stock's fifty day moving average price is $220.13 and its two-hundred day moving average price is $200.07. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market cap of $81.78 billion, a P/E ratio of -58.17 and a beta of 1.21.

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, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. As a group, analysts expect that Snowflake Inc. will post -2.36 EPS for the current 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.

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