Acadian Asset Management LLC Increases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Acadian Asset Management LLC boosted its position in shares of Snowflake Inc. (NYSE:SNOW) by 190.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,652 shares of the company’s stock after acquiring an additional 5,671 shares during the quarter. Acadian Asset Management LLC’s holdings in Snowflake were worth $1,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Chicago Capital LLC boosted its stake in shares of Snowflake by 5.9% in the 2nd quarter. Chicago Capital LLC now owns 6,146 shares of the company’s stock valued at $830,000 after buying an additional 345 shares during the period. Cullen Frost Bankers Inc. boosted its stake in shares of Snowflake by 5.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 46,142 shares of the company’s stock valued at $6,233,000 after buying an additional 2,412 shares during the period. Weil Company Inc. boosted its stake in shares of Snowflake by 53.7% in the 2nd quarter. Weil Company Inc. now owns 2,298 shares of the company’s stock valued at $310,000 after buying an additional 803 shares during the period. Candriam S.C.A. boosted its stake in shares of Snowflake by 40.1% in the 2nd quarter. Candriam S.C.A. now owns 52,289 shares of the company’s stock valued at $7,063,000 after buying an additional 14,970 shares during the period. Finally, Private Advisor Group LLC boosted its stake in shares of Snowflake by 18.3% in the 2nd quarter. Private Advisor Group LLC now owns 30,424 shares of the company’s stock valued at $4,110,000 after buying an additional 4,714 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 0.6 %

Shares of SNOW stock opened at $113.67 on Monday. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The company has a market capitalization of $38.10 billion, a P/E ratio of -40.60 and a beta of 0.83. The business’s 50 day moving average is $123.48 and its two-hundred day moving average is $141.48.

Snowflake (NYSE:SNOW) last posted its quarterly 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. 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 the consensus estimate of $851.72 million. During the same period in the previous year, the business earned ($0.52) earnings per share. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. UBS Group decreased their price objective on Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a research note on Monday, August 19th. JMP Securities cut their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. Jefferies Financial Group cut their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. The Goldman Sachs Group reissued a “buy” rating and set a $220.00 target price on shares of Snowflake in a research report on Monday, July 1st. Finally, Canaccord Genuity Group cut their target price on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Insider Activity at Snowflake

In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the sale, the executive vice president now directly owns 494,942 shares in the company, valued at $60,922,410.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction on Friday, July 5th. The stock was 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 disclosure for this sale can be found here. Insiders have sold a total of 512,262 shares of company stock worth $63,340,261 over the last three months. 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.