Red Spruce Capital LLC Raises Position in Snowflake Inc. (NYSE:SNOW)

Red Spruce Capital LLC lifted its stake in Snowflake Inc. (NYSE:SNOW) by 1.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 13,227 shares of the company’s stock after acquiring an additional 172 shares during the period. Red Spruce Capital LLC’s holdings in Snowflake were worth $1,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Swedbank AB purchased a new stake in shares of Snowflake in the first quarter worth $258,957,000. Vanguard Group Inc. raised its holdings in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after acquiring an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Snowflake in the first quarter valued at about $171,608,000. AQR Capital Management LLC boosted its stake in shares of Snowflake by 210.0% in the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after acquiring an additional 660,168 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Snowflake by 471.9% during the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Up 3.8 %

Shares of NYSE SNOW traded up $4.25 during trading hours on Friday, reaching $114.72. The stock had a trading volume of 6,289,612 shares, compared to its average volume of 7,296,721. The business’s fifty day moving average price is $117.12 and its two-hundred day moving average price is $135.94. The firm has a market cap of $38.45 billion, a price-to-earnings ratio of -40.97 and a beta of 0.83. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.52) earnings per share. Equities research analysts anticipate that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $715,051.89. Following the sale, the director now directly owns 208,735 shares in the company, valued at approximately $23,877,196.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,538 shares of company stock valued at $3,449,994. Company insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

SNOW has been the subject of several recent analyst reports. Loop Capital dropped their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 target price on shares of Snowflake in a research note on Wednesday. Argus began coverage on shares of Snowflake in a report on Tuesday. They issued a “hold” rating on the stock. Scotiabank dropped their price objective on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Finally, JMP Securities reduced their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $174.74.

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.