Snowflake Inc. $SNOW Position Increased by Calamos Wealth Management LLC

Key Points

• Calamos Wealth Management LLC has increased its position in Snowflake Inc. by 2.7%, owning 58,068 shares valued at approximately $12.99 million.
• Snowflake recently reported earnings of $0.35 per share, exceeding expectations, with revenue of $1.14 billion, which is a 31.8% year-over-year increase.
• Analysts have set new price targets for Snowflake, with Barclays raising it to $255.00 and Evercore ISI setting a target of $280.00, reflecting a strong bullish sentiment towards the stock.

Calamos Wealth Management LLC raised its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 2.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,068 shares of the company's stock after purchasing an additional 1,508 shares during the period. Calamos Wealth Management LLC's holdings in Snowflake were worth $12,994,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its position in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after buying an additional 650,775 shares during the period. CenterBook Partners LP acquired a new stake in Snowflake in the first quarter worth $2,381,000. Berkshire Capital Holdings Inc. increased its position in Snowflake by 71,500.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after buying an additional 7,150 shares during the period. Lyell Wealth Management LP increased its position in Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after buying an additional 2,955 shares during the period. Finally, Kingstone Capital Partners Texas LLC acquired a new stake in Snowflake in the second quarter worth $3,900,134,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Up 0.3%

Shares of SNOW stock opened at $240.68 on Friday. The stock has a 50-day simple moving average of $222.38 and a 200 day simple moving average of $201.96. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $255.39. The stock has a market capitalization of $81.54 billion, a P/E ratio of -58.00 and a beta of 1.21. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last announced its 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 business 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 company's quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.18 earnings per share. On average, sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Christian Kleinerman sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the executive vice president directly owned 43,568 shares in the company, valued at approximately $10,892,000. This trade represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 7,551 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director owned 153,226 shares of the company's stock, valued at $33,899,720.24. The trade was a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,182,434 shares of company stock valued at $270,280,661 in the last ninety days. 6.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays increased their target price on Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Evercore ISI raised their price target on Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. JMP Securities restated a "market outperform" rating and set a $260.00 price objective on shares of Snowflake in a research note on Tuesday, August 26th. Needham & Company LLC upped their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Cantor Fitzgerald upped their price objective on shares of Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $256.71.

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.

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