Snowflake Inc. (NYSE:SNOW) Stake Boosted by Quarry LP

Quarry LP increased its stake in Snowflake Inc. (NYSE:SNOW) by 320.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 210 shares of the company’s stock after purchasing an additional 160 shares during the period. Quarry LP’s holdings in Snowflake were worth $42,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SNOW. PNC Financial Services Group Inc. grew its position in shares of Snowflake by 15.7% during the third quarter. PNC Financial Services Group Inc. now owns 21,159 shares of the company’s stock worth $3,232,000 after acquiring an additional 2,870 shares during the last quarter. Kestra Advisory Services LLC increased its stake in shares of Snowflake by 13.7% in the third quarter. Kestra Advisory Services LLC now owns 19,826 shares of the company’s stock valued at $3,029,000 after purchasing an additional 2,391 shares during the period. Rafferty Asset Management LLC raised its holdings in shares of Snowflake by 16.6% during the third quarter. Rafferty Asset Management LLC now owns 26,533 shares of the company’s stock valued at $4,053,000 after buying an additional 3,786 shares during the last quarter. Korea Investment CORP boosted its position in shares of Snowflake by 78.0% during the third quarter. Korea Investment CORP now owns 185,410 shares of the company’s stock worth $28,325,000 after buying an additional 81,247 shares during the period. Finally, QRG Capital Management Inc. bought a new position in Snowflake in the 3rd quarter worth approximately $4,892,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SNOW. Mizuho reduced their price target on Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. HSBC reaffirmed a “reduce” rating on shares of Snowflake in a research note on Thursday, February 29th. Loop Capital lowered their price target on Snowflake from $235.00 to $225.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. JPMorgan Chase & Co. boosted their price target on shares of Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, Stifel Nicolaus lowered their price objective on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.92.

Insider Buying and Selling

In other Snowflake news, insider Benoit Dageville sold 558 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total value of $71,596.98. Following the completion of the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 756,489 shares in the company, valued at $97,829,157.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the sale, the insider now owns 63,222 shares in the company, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,862 shares of company stock valued at $5,895,712. 7.80% of the stock is owned by company insiders.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $127.17 on Monday. The stock’s 50-day moving average is $150.51 and its 200-day moving average is $177.33. The company has a market cap of $42.58 billion, a P/E ratio of -45.42 and a beta of 0.85. Snowflake Inc. has a 52-week low of $124.69 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The business had revenue of $828.71 million during the quarter, compared to the consensus estimate of $786.95 million. As a group, equities analysts predict that Snowflake Inc. will post -2.27 EPS for the current year.

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.