Value Star Asset Management Hong Kong Ltd Purchases 4,000 Shares of Snowflake Inc. $SNOW

Key Points

• Value Star Asset Management Hong Kong Ltd increased its stake in Snowflake Inc. by 66.7%, now holding 10,000 shares, making it 7.2% of their portfolio.
• Goldman Sachs and other institutional investors have also increased their holdings in Snowflake, with Goldman Sachs raising its stake by 22.2%.
• Wall Street analysts have raised their price targets for Snowflake, with Cantor Fitzgerald and Royal Bank of Canada both setting targets at $275.00, indicating strong growth expectations.

Value Star Asset Management Hong Kong Ltd lifted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 66.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,000 shares of the company's stock after purchasing an additional 4,000 shares during the period. Snowflake accounts for 7.2% of Value Star Asset Management Hong Kong Ltd's portfolio, making the stock its 7th largest holding. Value Star Asset Management Hong Kong Ltd's holdings in Snowflake were worth $2,238,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SNOW. Cantor Fitzgerald upped their price target on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Snowflake in a report on Wednesday, October 8th. Royal Bank Of Canada increased their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Mizuho increased their price target on shares of Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Needham & Company LLC increased their price target on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $257.24.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $252.91 on Friday. 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 firm has a market cap of $85.69 billion, a PE ratio of -60.94 and a beta of 1.21. The company's 50 day moving average price is $226.60 and its two-hundred day moving average price is $204.62. Snowflake Inc. has a 12-month low of $113.23 and a 12-month high of $255.39.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. Equities research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In related news, Director Michael L. Speiser sold 2,976 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $236.01, for a total transaction of $702,365.76. Following the sale, the director owned 34,436 shares in the company, valued at approximately $8,127,240.36. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Emily Ho sold 1,658 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares in the company, valued at $7,150,561.25. This represents a 4.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,182,434 shares of company stock worth $270,280,661 in the last three months. Company 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.

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