Ieq Capital LLC Raises Stake in Snowflake Inc. (NYSE:SNOW)

Ieq Capital LLC boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 1.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 974,541 shares of the company’s stock after acquiring an additional 14,753 shares during the period. Snowflake accounts for about 1.8% of Ieq Capital LLC’s investment portfolio, making the stock its 14th largest holding. Ieq Capital LLC owned about 0.29% of Snowflake worth $131,651,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Comerica Bank increased its stake in Snowflake by 17.2% during the 1st quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares in the last quarter. Choreo LLC increased its stake in Snowflake by 18.6% during the 1st quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after purchasing an additional 1,294 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Snowflake by 23.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Trexquant Investment LP increased its stake in Snowflake by 266.3% during the 4th quarter. Trexquant Investment LP now owns 10,499 shares of the company’s stock valued at $2,089,000 after purchasing an additional 7,633 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new stake in Snowflake during the 1st quarter valued at about $244,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Performance

SNOW stock opened at $114.00 on Friday. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The company’s fifty day moving average price is $121.87 and its 200-day moving average price is $140.21. The company has a market capitalization of $38.21 billion, a PE ratio of -40.71 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, research analysts predict that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SNOW shares. DA Davidson reduced their price target on shares of Snowflake from $230.00 to $175.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. KeyCorp lifted their price target on shares of Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Stifel Nicolaus reduced their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Sanford C. Bernstein lifted their price target on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research note on Thursday, May 23rd. Finally, Citigroup reduced their price target on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $176.03.

Insider Transactions at Snowflake

In related news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a document filed 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 shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the transaction, the director now owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the transaction, the executive vice president now owns 494,942 shares in the company, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 517,203 shares of company stock valued at $63,833,373. 7.80% of the stock is currently owned by corporate insiders.

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.