Perpetual Ltd Raises Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Perpetual Ltd increased its position in Snowflake Inc. by 23.1% in Q2, holding 14,800 shares worth approximately $3.31 million after acquiring additional shares.
• Insider activity includes a notable sale by Director Frank Slootman, who sold over 710,000 shares for about $163.65 million, reducing his ownership by 81.10%.
• Snowflake's latest earnings report showed a revenue of $1.14 billion, surpassing estimates, with a 31.8% year-over-year increase and an EPS of $0.35.

Perpetual Ltd grew its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 23.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,800 shares of the company's stock after purchasing an additional 2,774 shares during the period. Perpetual Ltd's holdings in Snowflake were worth $3,312,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SNOW. Brighton Jones LLC increased its holdings in shares of 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 period. Snowden Capital Advisors LLC acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $298,000. Vident Advisory LLC increased its holdings in shares of Snowflake by 56.7% in the fourth quarter. Vident Advisory LLC now owns 7,130 shares of the company's stock valued at $1,101,000 after purchasing an additional 2,580 shares during the period. Focus Partners Advisor Solutions LLC acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $335,000. Finally, Vise Technologies Inc. acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $213,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Price Performance

SNOW traded up $8.29 during trading on Friday, reaching $230.40. 7,769,335 shares of the stock were exchanged, compared to its average volume of 7,794,196. The business's 50 day moving average price is $213.16 and its two-hundred day moving average price is $190.73. 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 capitalization of $78.06 billion, a price-to-earnings ratio of -55.52 and a beta of 1.22. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.Snowflake'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, equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 2,975 shares of the business's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $658,189.00. Following the sale, the executive vice president directly owned 547,724 shares in the company, valued at approximately $121,178,457.76. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $224.84, for a total value of $90,610.52. Following the sale, the director owned 25,733 shares in the company, valued at approximately $5,785,807.72. The trade was a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,224,646 shares of company stock worth $720,005,171. 6.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNOW. Royal Bank Of Canada boosted their target price on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Wedbush lifted their price target on Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Macquarie lifted their price target on Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Robert W. Baird lifted their price target on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Finally, Scotiabank lifted their price target on Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Company 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.