Y Intercept Hong Kong Ltd Makes New Investment in Snowflake Inc. $SNOW

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Snowflake during the first quarter, buying 88,816 shares valued at about $13.4 million.
• Snowflake’s latest earnings beat expectations, with EPS of $0.39 versus the $0.32 estimate and revenue of $1.39 billion, up 33.5% from a year earlier.
• Analysts remain broadly positive on the stock, with an average rating of Moderate Buy and an average target price of $293.53, even as some insiders recently sold shares.

Y Intercept Hong Kong Ltd purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 88,816 shares of the company's stock, valued at approximately $13,395,000.

Other institutional investors have also recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new position in Snowflake during the 4th quarter worth about $28,000. Greenline Wealth Management LLC bought a new stake in shares of Snowflake in the 4th quarter valued at about $29,000. GoalVest Advisory LLC raised its holdings in shares of Snowflake by 221.4% in the 4th quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock valued at $30,000 after purchasing an additional 93 shares in the last quarter. Physician Wealth Advisors Inc. lifted its position in shares of Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after purchasing an additional 51 shares during the period. Finally, MV Capital Management Inc. purchased a new stake in shares of Snowflake in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Trading Down 0.6%

NYSE SNOW opened at $259.67 on Friday. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company has a 50 day moving average price of $200.69 and a 200 day moving average price of $189.97. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The firm has a market cap of $90.00 billion, a PE ratio of -73.77 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm earned $0.24 earnings per share. Snowflake's revenue was up 33.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Analysts Set New Price Targets

SNOW has been the topic of several research reports. Weiss Ratings lowered shares of Snowflake from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Royal Bank Of Canada upped their target price on Snowflake from $220.00 to $284.00 and gave the stock an "outperform" rating in a report on Thursday, May 28th. Barclays increased their target price on Snowflake from $272.00 to $285.00 and gave the company an "equal weight" rating in a research report on Thursday, June 4th. Wedbush lifted their price target on Snowflake from $270.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. Finally, Stifel Nicolaus boosted their price target on Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $293.53.

Insider Activity

In other news, Director Frank Slootman sold 99,900 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $251.73, for a total value of $25,147,827.00. Following the completion of the sale, the director owned 28,535 shares of the company's stock, valued at $7,183,115.55. This trade represents a 77.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,621 shares of the firm's stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $228.45, for a total value of $598,767.45. Following the completion of the sale, the executive vice president directly owned 400,379 shares of the company's stock, valued at $91,466,582.55. The trade was a 0.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 1,798,828 shares of company stock worth $415,351,838. Company insiders own 4.80% of the company's stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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