Aviance Capital Partners LLC Takes Position in Snowflake Inc. (NYSE:SNOW)

Aviance Capital Partners LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,500 shares of the company’s stock, valued at approximately $1,050,000.

Several other large investors have also recently bought and sold shares of SNOW. Vanguard Group Inc. raised its stake in Snowflake by 8.0% during the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after acquiring an additional 1,559,830 shares in the last quarter. Sands Capital Management LLC increased its position in shares of Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after purchasing an additional 610,970 shares in the last quarter. Norges Bank purchased a new stake in shares of Snowflake in the 4th quarter valued at about $838,455,000. 1832 Asset Management L.P. boosted its position in shares of Snowflake by 51.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,680,700 shares of the company’s stock valued at $334,459,000 after purchasing an additional 573,400 shares during the period. Finally, Wellington Management Group LLP grew its stake in Snowflake by 69.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock worth $231,481,000 after buying an additional 623,277 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In related news, CAO Emily Ho sold 3,845 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total transaction of $501,349.55. Following the completion of the transaction, the chief accounting officer now owns 30,613 shares of the company’s stock, valued at $3,991,629.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, CAO Emily Ho sold 3,845 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the completion of the sale, the chief accounting officer now directly owns 30,613 shares in the company, valued at $3,991,629.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction dated 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 transaction, the insider now directly owns 63,222 shares in the company, valued at $8,112,014.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 519,112 shares of company stock valued at $64,932,073. Insiders own 7.80% of the company’s stock.

Snowflake Stock Performance

SNOW stock opened at $142.74 on Tuesday. Snowflake Inc. has a 52-week low of $122.60 and a 52-week high of $237.72. The stock’s fifty day simple moving average is $145.65 and its 200-day simple moving average is $172.66.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SNOW shares. Macquarie lowered their target price on shares of Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Barclays lifted their price objective on shares of Snowflake from $188.00 to $191.00 and gave the company an “equal weight” rating in a research note on Thursday, May 23rd. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 target price on shares of Snowflake in a research note on Monday. JPMorgan Chase & Co. upped their price objective on Snowflake from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Finally, BNP Paribas upgraded Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 target price on the stock in a research note on Thursday, May 2nd. Three equities research 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.46.

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.