TD Asset Management Inc Purchases 1,683 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• TD Asset Management Inc has increased its stake in Snowflake Inc. by 2.1%, bringing its total holdings to 82,765 shares valued at approximately $12.1 million.
• Snowflake reported a quarterly earnings per share (EPS) of $0.24, exceeding analyst expectations of $0.22, with a revenue of $1.04 billion for the quarter, indicating a 25.8% increase year-over-year.
• Analyst ratings for Snowflake are predominantly positive, with a consensus rating of "Moderate Buy" and a current price target averaging $226.73.

TD Asset Management Inc grew its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,765 shares of the company's stock after acquiring an additional 1,683 shares during the quarter. TD Asset Management Inc's holdings in Snowflake were worth $12,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SNOW. Opal Wealth Advisors LLC bought a new stake in Snowflake in the 1st quarter valued at about $26,000. CVA Family Office LLC raised its stake in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in Snowflake in the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new stake in Snowflake in the 4th quarter valued at about $31,000. Finally, Capital A Wealth Management LLC bought a new stake in Snowflake in the 4th quarter valued at about $31,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Price Performance

SNOW traded down $18.43 during midday trading on Friday, hitting $205.07. The stock had a trading volume of 8,572,486 shares, compared to its average volume of 3,088,446. The company has a market cap of $68.46 billion, a P/E ratio of -48.71 and a beta of 1.22. The business has a fifty day moving average of $213.88 and a 200 day moving average of $182.72. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. 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 released 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 firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business's quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 earnings per share. As a group, equities analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Oppenheimer restated an "outperform" rating on shares of Snowflake in a research note on Tuesday, June 24th. Rosenblatt Securities restated a "buy" rating and issued a $205.00 price objective on shares of Snowflake in a research note on Monday, May 19th. Needham & Company LLC restated a "buy" rating and issued a $230.00 price objective on shares of Snowflake in a research note on Thursday, June 5th. CICC Research assumed coverage on Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective on the stock. Finally, Cowen reissued a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Insider Activity at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer owned 292,610 shares in the company, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the transaction, the director owned 7,428 shares of the company's stock, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,697,855 shares of company stock worth $586,415,198 over the last quarter. 6.80% of the stock is owned by corporate insiders.

About Snowflake

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.