Rafferty Asset Management LLC Raises Stake in Snowflake Inc. (NYSE:SNOW)

Rafferty Asset Management LLC lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 17.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,854 shares of the company's stock after buying an additional 3,243 shares during the period. Rafferty Asset Management LLC's holdings in Snowflake were worth $3,374,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Jennison Associates LLC increased its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after buying an additional 3,662,671 shares during the period. Norges Bank purchased a new position in shares of Snowflake during the fourth quarter worth approximately $988,950,000. FMR LLC grew its position in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the last quarter. GQG Partners LLC acquired a new position in shares of Snowflake in the 4th quarter valued at $750,572,000. Finally, Geode Capital Management LLC increased its holdings in shares of Snowflake by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock valued at $642,742,000 after acquiring an additional 15,314 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Michael Scarpelli sold 300,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares of the company's stock, valued at approximately $47,756,878.10. This represents a 50.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the sale, the executive vice president now owns 594,975 shares in the company, valued at approximately $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 356,963 shares of company stock worth $58,204,058 over the last ninety days. 7.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on SNOW shares. Piper Sandler reiterated an "overweight" rating and set a $215.00 price target (up previously from $175.00) on shares of Snowflake in a research note on Wednesday. Barclays increased their target price on shares of Snowflake from $203.00 to $219.00 and gave the stock an "overweight" rating in a research note on Thursday. Daiwa Capital Markets started coverage on Snowflake in a report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price target on the stock. Stifel Nicolaus upped their price objective on Snowflake from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Scotiabank increased their price objective on Snowflake from $220.00 to $230.00 and gave the stock a "sector outperform" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.27.

Snowflake Price Performance

Shares of SNOW stock traded up $24.23 during mid-day trading on Thursday, reaching $203.35. The stock had a trading volume of 26,161,167 shares, compared to its average volume of 6,516,244. The company has a market cap of $67.13 billion, a P/E ratio of -59.99 and a beta of 1.11. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $203.84. The business has a 50-day simple moving average of $157.35 and a 200 day simple moving average of $162.37.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same period last year, the firm posted $0.14 EPS. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current 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.