OFI Invest Asset Management Boosts Stock Holdings in Snowflake Inc. (NYSE:SNOW)

OFI Invest Asset Management raised its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 441.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,083 shares of the company’s stock after purchasing an additional 883 shares during the period. OFI Invest Asset Management’s holdings in Snowflake were worth $137,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Accent Capital Management LLC purchased a new stake in Snowflake during the 4th quarter worth approximately $25,000. LRI Investments LLC purchased a new stake in Snowflake during the 1st quarter worth approximately $29,000. Riverview Trust Co purchased a new stake in Snowflake during the 1st quarter worth approximately $31,000. Hartford Financial Management Inc. acquired a new stake in Snowflake during the 1st quarter valued at approximately $32,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Snowflake during the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total value of $70,608.72. Following the completion of the sale, the executive vice president now owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total value of $70,608.72. Following the completion of the sale, the executive vice president now owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares in the company, valued at approximately $607,236.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 534,178 shares of company stock valued at $66,520,575. 7.80% of the stock is owned by company insiders.

Snowflake Stock Up 0.8 %

Snowflake stock opened at $128.04 on Monday. Snowflake Inc. has a 52-week low of $107.93 and a 52-week high of $237.72. The firm has a market capitalization of $42.87 billion, a price-to-earnings ratio of -45.73 and a beta of 0.85. The company has a fifty day simple moving average of $129.92 and a 200-day simple moving average of $156.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. The firm had revenue of $828.71 million during the quarter, compared to analysts’ expectations of $786.95 million. On average, research analysts anticipate that Snowflake Inc. will post -2.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on SNOW. Loop Capital decreased their price objective on shares of Snowflake from $235.00 to $225.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Rosenblatt Securities restated a “buy” rating and set a $195.00 price objective on shares of Snowflake in a research note on Monday. Piper Sandler decreased their price objective on shares of Snowflake from $240.00 to $165.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. UBS Group lifted their price objective on shares of Snowflake from $185.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, May 23rd. Finally, The Goldman Sachs Group restated a “buy” rating and set a $220.00 price objective on shares of Snowflake in a research note on Monday, July 1st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $195.47.

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.