Vaughan Nelson Investment Management L.P. Makes New $171.61 Million Investment in Snowflake Inc. (NYSE:SNOW)

Vaughan Nelson Investment Management L.P. acquired a new position in Snowflake Inc. (NYSE:SNOW) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,061,934 shares of the company’s stock, valued at approximately $171,608,000. Snowflake makes up about 1.5% of Vaughan Nelson Investment Management L.P.’s investment portfolio, making the stock its 22nd biggest position. Vaughan Nelson Investment Management L.P. owned about 0.32% of Snowflake as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Aviance Capital Partners LLC acquired a new position in Snowflake in the first quarter worth $1,050,000. EDBI Pte Ltd raised its position in shares of Snowflake by 2.6% during the first quarter. EDBI Pte Ltd now owns 145,009 shares of the company’s stock worth $23,433,000 after acquiring an additional 3,624 shares during the last quarter. Roberts Wealth Advisors LLC bought a new stake in Snowflake in the first quarter valued at about $380,000. Breakwater Capital Group increased its holdings in Snowflake by 21.0% in the first quarter. Breakwater Capital Group now owns 2,154 shares of the company’s stock valued at $348,000 after purchasing an additional 374 shares during the last quarter. Finally, Brown Miller Wealth Management LLC increased its holdings in Snowflake by 14.5% in the first quarter. Brown Miller Wealth Management LLC now owns 5,622 shares of the company’s stock valued at $908,000 after purchasing an additional 714 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW stock traded down $1.28 during mid-day trading on Tuesday, hitting $141.49. The company’s stock had a trading volume of 1,356,221 shares, compared to its average volume of 6,620,002. The company’s fifty day simple moving average is $145.65 and its 200-day simple moving average is $172.66. Snowflake Inc. has a 52 week low of $122.60 and a 52 week high of $237.72. The company has a market cap of $47.37 billion, a PE ratio of -50.98 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The firm had revenue of $828.71 million during the quarter, compared to the consensus estimate of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, equities analysts anticipate that Snowflake Inc. will post -2.28 earnings per share for the current year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 546 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total transaction of $70,608.72. Following the completion of the sale, the executive vice president now directly owns 756,489 shares of the company’s stock, valued at approximately $97,829,157.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $129.32, for a total value of $70,608.72. Following the transaction, the executive vice president now owns 756,489 shares in the company, valued at $97,829,157.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Emily Ho sold 6,500 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $158.36, for a total value of $1,029,340.00. Following the completion of the transaction, the chief accounting officer now owns 36,076 shares in the company, valued at approximately $5,712,995.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 519,112 shares of company stock valued at $64,932,073. Corporate insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent analyst reports. Monness Crespi & Hardt upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Sanford C. Bernstein increased their price target on Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday, May 23rd. Guggenheim upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Finally, Barclays upped their price objective on Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $199.46.

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.