Snowflake Inc. $SNOW Shares Acquired by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. increased its stake in Snowflake Inc. by 19.2%, acquiring a total of approximately 4.73 million shares valued at $691.69 million.
• The company reported a 25.8% year-over-year increase in revenue for the last quarter, totaling $1.04 billion, beating analyst expectations.
• Several analysts have recently raised their price targets for Snowflake, with a consensus target price now at $230.22, indicating a generally positive sentiment toward the stock.

Price T Rowe Associates Inc. MD lifted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 19.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,732,428 shares of the company's stock after buying an additional 763,673 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.43% of Snowflake worth $691,693,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 1st quarter worth $26,000. CVA Family Office LLC increased its holdings in shares of Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares during the last quarter. West Paces Advisors Inc. acquired a new stake in shares of Snowflake during the 4th quarter worth $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake during the 4th quarter worth $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Snowflake during the 4th quarter worth $31,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

NYSE:SNOW opened at $196.7910 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a 50-day moving average of $211.11 and a two-hundred day moving average of $184.93. The stock has a market cap of $65.70 billion, a P/E ratio of -46.74 and a beta of 1.22. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27.

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

Insider Transactions at Snowflake

In other Snowflake news, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,916,826 shares of company stock valued at $637,835,052. 6.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on SNOW shares. JMP Securities upped their price objective on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a report on Friday, July 18th. Citigroup upped their price objective on Snowflake from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Friday. Barclays reaffirmed an "overweight" rating and set a $219.00 price target (up from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. Loop Capital upped their price target on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $250.00 price target (up from $225.00) on shares of Snowflake in a research report on Friday, June 13th. Three analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $230.22.

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.

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