Sciencast Management LP Makes New $2.70 Million Investment in Snowflake Inc. $SNOW

Key Points

• Sciencast Management LP acquired 18,490 shares of Snowflake Inc. worth approximately $2.7 million in the first quarter, indicating growing institutional interest in the company.
• Snowflake's stock is currently valued at $225.47, with analysts predicting a strong future performance, raising their target prices significantly to as high as $285.00.
• Insider trading activity has been notable, with Director Frank Slootman selling over 710,000 shares at an average price of $230.47, leading to an 81.1% decrease in his ownership stake.

Sciencast Management LP acquired a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,490 shares of the company's stock, valued at approximately $2,702,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Opal Wealth Advisors LLC purchased a new position in Snowflake during the first quarter worth $26,000. CVA Family Office LLC boosted its stake in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares during the period. Spurstone Advisory Services LLC purchased a new position in Snowflake during the fourth quarter worth $31,000. Capital A Wealth Management LLC purchased a new position in Snowflake during the fourth quarter worth $31,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in Snowflake during the fourth quarter worth $32,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Truist Financial lifted their price objective on shares of Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. The Goldman Sachs Group boosted their target price on shares of Snowflake from $230.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Robert W. Baird boosted their target price on shares of Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Stifel Nicolaus boosted their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, Wells Fargo & Company boosted their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Stock Down 0.5%

Shares of SNOW stock traded down $1.08 on Tuesday, hitting $225.44. The stock had a trading volume of 3,930,665 shares, compared to its average volume of 7,460,893. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The business has a 50 day moving average price of $212.58 and a 200 day moving average price of $187.91. The company has a market cap of $75.27 billion, a PE ratio of -54.32 and a beta of 1.22. Snowflake Inc. has a one year low of $108.13 and a one year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The firm's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction dated 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 approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 3,224,502 shares of company stock valued at $719,801,806 in the last ninety days. Insiders own 6.80% of the company's stock.

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.