Amalgamated Bank Acquires 241 Shares of Snowflake Inc. (NYSE:SNOW)

Amalgamated Bank grew its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 1.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 21,368 shares of the company’s stock after acquiring an additional 241 shares during the period. Amalgamated Bank’s holdings in Snowflake were worth $2,887,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC lifted its stake in shares of Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after acquiring an additional 249,249 shares during the period. Sands Capital Management LLC boosted its holdings in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares during the last quarter. WCM Investment Management LLC increased its position in Snowflake by 0.6% during the 1st quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock valued at $298,644,000 after purchasing an additional 11,677 shares during the period. Finally, 1832 Asset Management L.P. raised its holdings in Snowflake by 51.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,680,700 shares of the company’s stock worth $334,459,000 after purchasing an additional 573,400 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SNOW shares. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and set a $165.00 price target on shares of Snowflake in a report on Thursday, August 22nd. UBS Group dropped their price objective on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research note on Monday, August 19th. Citigroup decreased 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, Wedbush dropped their price target on Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Price Performance

Shares of Snowflake stock opened at $113.25 on Tuesday. The stock has a fifty day moving average price of $120.46 and a 200-day moving average price of $138.78. The firm has a market cap of $37.92 billion, a PE ratio of -40.45 and a beta of 0.83. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72.

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

Insiders Place Their Bets

In other news, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Snowflake news, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the sale, the director now owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The disclosure for this sale can be found here. Insiders sold 48,083 shares of company stock valued at $6,089,392 over the last ninety days. 7.80% of the stock is currently owned by insiders.

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.