Quarry LP Increases Stake in Snowflake Inc. (NYSE:SNOW)

Quarry LP increased its position in Snowflake Inc. (NYSE:SNOW) by 608.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 949 shares of the company’s stock after purchasing an additional 815 shares during the period. Quarry LP’s holdings in Snowflake were worth $128,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Comerica Bank increased its holdings in Snowflake by 17.2% in the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares during the last quarter. Choreo LLC increased its holdings in Snowflake by 18.6% in the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock worth $1,336,000 after acquiring an additional 1,294 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Snowflake by 23.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after acquiring an additional 43,062 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in Snowflake in the 1st quarter worth about $244,000. Finally, Cetera Investment Advisers increased its holdings in Snowflake by 201.5% in the 1st quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after acquiring an additional 42,563 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

SNOW opened at $110.23 on Wednesday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The stock has a market capitalization of $36.95 billion, a PE ratio of -39.37 and a beta of 0.83. The stock’s 50 day moving average price is $118.10 and its 200-day moving average price is $136.75.

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

Insider Activity at Snowflake

In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snowflake news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares of the company’s stock, valued at $607,236.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the sale, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. The disclosure for this sale can be found here. Insiders have sold 45,386 shares of company stock worth $5,715,941 over the last ninety days. 7.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on SNOW. Scotiabank cut their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 22nd. JMP Securities cut their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research note on Thursday, August 22nd. Morgan Stanley restated an “equal weight” rating and issued a $175.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. Citigroup cut their target price on Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Finally, Mizuho cut their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $175.17.

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.