Williams & Novak LLC Takes $363,000 Position in Snowflake Inc. $SNOW

Key Points

• Williams & Novak LLC purchased a new stake in Snowflake Inc., totaling 1,624 shares valued at approximately $363,000 during the 2nd quarter.
• Several institutional investors, including Aberdeen Group plc and Blue Trust Inc., also adjusted their positions, with Aberdeen increasing its stake by 17.6%.
• Snowflake's stock has received multiple upgrades from analysts, with price targets raised; Oppenheimer set a new target of $275.00, indicating strong optimism for the company’s future growth.

Williams & Novak LLC bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,624 shares of the company's stock, valued at approximately $363,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Aberdeen Group plc raised its stake in shares of Snowflake by 17.6% in the second quarter. Aberdeen Group plc now owns 67,181 shares of the company's stock valued at $15,033,000 after acquiring an additional 10,053 shares during the period. Gunderson Capital Management Inc. purchased a new stake in shares of Snowflake in the second quarter valued at $2,820,000. Blue Trust Inc. grew its holdings in shares of Snowflake by 798.0% in the second quarter. Blue Trust Inc. now owns 3,529 shares of the company's stock worth $790,000 after purchasing an additional 3,136 shares during the last quarter. Fourpath Capital Management LLC bought a new position in shares of Snowflake in the second quarter worth about $235,000. Finally, Gilliland Jeter Wealth Management LLC grew its holdings in shares of Snowflake by 3.7% in the second quarter. Gilliland Jeter Wealth Management LLC now owns 4,082 shares of the company's stock worth $913,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Oppenheimer upped their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Monness Crespi & Hardt upped their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and upped their price target for the stock from $220.00 to $240.00 in a report on Wednesday, August 20th. Cowen restated a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Needham & Company LLC upped their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $256.18.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the sale, the director directly owned 153,226 shares of the company's stock, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Down 3.3%

Shares of Snowflake stock opened at $242.52 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $255.39. The firm's 50-day moving average is $218.64 and its two-hundred day moving average is $198.54. The stock has a market cap of $82.17 billion, a price-to-earnings ratio of -58.44 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last issued its 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the prior year, the business earned $0.18 EPS. The firm's quarterly revenue was up 31.8% on a year-over-year basis. As a group, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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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