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 holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 23.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,800 shares of the company's stock after acquiring an additional 2,774 shares during the period. Perpetual Ltd's holdings in Snowflake were worth $3,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in SNOW. Brighton Jones LLC lifted its position 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 acquiring an additional 29,320 shares in the last quarter. Snowden Capital Advisors LLC purchased a new stake in shares of Snowflake in the fourth quarter worth about $298,000. Vident Advisory LLC lifted its position in shares of Snowflake by 56.7% in the fourth quarter. Vident Advisory LLC now owns 7,130 shares of the company's stock worth $1,101,000 after buying an additional 2,580 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Snowflake in the fourth quarter worth about $335,000. Finally, Vise Technologies Inc. purchased a new stake in shares of Snowflake in the fourth quarter worth about $213,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SNOW. Oppenheimer boosted their target price on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. The Goldman Sachs Group boosted their target price on Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Robert W. Baird upped their price objective on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Piper Sandler upped their price objective on Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Finally, Sanford C. Bernstein upped their price objective on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Trading Down 1.2%

NYSE:SNOW traded down $2.66 during midday trading on Tuesday, hitting $226.89. The stock had a trading volume of 1,763,718 shares, compared to its average volume of 5,337,442. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $76.87 billion, a price-to-earnings ratio of -54.75 and a beta of 1.22. The stock has a 50-day moving average of $213.48 and a 200 day moving average of $191.47. Snowflake Inc. has a one year low of $108.71 and a one year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion for 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 business's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the firm'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 completion of the transaction, the director owned 25,733 shares in the company, valued at $5,785,807.72. This trade represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 7,551 shares of the firm's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the transaction, the director owned 153,226 shares of the company's stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,201,381 shares of company stock worth $714,896,508. 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.