Sycomore Asset Management Buys Shares of 55,953 Snowflake Inc. (NYSE:SNOW)

Sycomore Asset Management purchased a new stake in Snowflake Inc. (NYSE:SNOW) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 55,953 shares of the company’s stock, valued at approximately $6,294,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. LRI Investments LLC acquired a new stake in shares of Snowflake during the first quarter worth about $29,000. Wellington Shields Capital Management LLC acquired a new position in Snowflake in the 2nd quarter valued at $27,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the 3rd quarter valued at $30,000. Global Financial Private Client LLC acquired a new stake in shares of Snowflake during the 1st quarter worth $44,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the transaction, the executive vice president now owns 721,755 shares in the company, valued at $86,610,600. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on SNOW. JMP Securities decreased their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. HSBC upgraded shares of Snowflake from a “reduce” rating to a “hold” rating and raised their price target for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. KeyCorp decreased their price objective on shares of Snowflake from $168.00 to $150.00 and set an “overweight” rating for the company in a report on Monday. Argus initiated coverage on shares of Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating for the company. Finally, DA Davidson reiterated a “buy” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $172.09.

Snowflake Stock Up 0.1 %

Shares of Snowflake stock traded up $0.13 on Thursday, reaching $130.86. The company’s stock had a trading volume of 2,209,037 shares, compared to its average volume of 6,467,190. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The company has a market capitalization of $43.86 billion, a P/E ratio of -42.71 and a beta of 0.83. The stock has a 50-day moving average price of $116.03 and a 200-day moving average price of $128.90.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $851.72 million. During the same quarter in the prior year, the company earned ($0.52) EPS. Snowflake’s revenue was up 28.9% on a year-over-year basis. Sell-side analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

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.