Victory Capital Management Inc. Acquires 49,447 Shares of Snowflake Inc. (NYSE:SNOW)

Victory Capital Management Inc. lifted its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 12.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 453,023 shares of the company's stock after acquiring an additional 49,447 shares during the period. Victory Capital Management Inc. owned 0.14% of Snowflake worth $66,214,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SNOW. Brighton Jones LLC boosted its holdings in Snowflake by 90.0% in the fourth 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. Natixis Advisors LLC bought a new position in shares of Snowflake in the fourth quarter worth about $1,837,000. Envestnet Portfolio Solutions Inc. increased its stake in Snowflake by 11.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 9,255 shares of the company's stock valued at $1,429,000 after acquiring an additional 949 shares during the period. Corient Private Wealth LLC boosted its holdings in Snowflake by 7.0% during the fourth quarter. Corient Private Wealth LLC now owns 17,891 shares of the company's stock valued at $2,763,000 after purchasing an additional 1,165 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its holdings in Snowflake by 79.5% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 359 shares of the company's stock worth $55,000 after buying an additional 159 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the sale, the chief financial officer owned 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark Garrett sold 67,000 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the sale, the director owned 7,428 shares of the company's stock, valued at $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,718,258 shares of company stock valued at $589,762,906 over the last 90 days. 6.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SNOW shares. KeyCorp reiterated an "overweight" rating on shares of Snowflake in a report on Wednesday, June 25th. Daiwa Capital Markets began coverage on shares of Snowflake in a research note on Tuesday, April 1st. They issued a "buy" rating and a $210.00 price objective on the stock. Morgan Stanley began coverage on shares of Snowflake in a research report on Tuesday, June 24th. They set an "overweight" rating and a $262.00 price target on the stock. BTIG Research reiterated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Needham & Company LLC restated a "buy" rating and issued a $230.00 target price on shares of Snowflake in a report on Thursday, June 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $226.73.

Snowflake Trading Up 2.4%

Shares of Snowflake stock traded up $5.16 during trading on Friday, reaching $216.74. 3,383,192 shares of the company were exchanged, compared to its average volume of 5,976,901. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $226.60. The business has a 50-day moving average price of $207.75 and a 200-day moving average price of $178.89. The firm has a market capitalization of $72.36 billion, a price-to-earnings ratio of -51.48 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company's quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 earnings per share. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.