Ignite Planners LLC Boosts Stake in Snowflake Inc. (NYSE:SNOW)

Ignite Planners LLC raised its holdings in Snowflake Inc. (NYSE:SNOW) by 31.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,656 shares of the company’s stock after buying an additional 628 shares during the period. Ignite Planners LLC’s holdings in Snowflake were worth $305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. Sandbox Financial Partners LLC raised its stake in Snowflake by 82.1% during the 3rd quarter. Sandbox Financial Partners LLC now owns 69,566 shares of the company’s stock worth $7,990,000 after acquiring an additional 31,365 shares in the last quarter. Diversified Trust Co purchased a new position in Snowflake during the 3rd quarter worth $205,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Snowflake in the third quarter valued at about $1,938,000. Red Spruce Capital LLC boosted its holdings in shares of Snowflake by 1.3% in the third quarter. Red Spruce Capital LLC now owns 13,227 shares of the company’s stock valued at $1,519,000 after acquiring an additional 172 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Snowflake by 1.1% in the third quarter. Handelsbanken Fonder AB now owns 121,873 shares of the company’s stock valued at $13,998,000 after acquiring an additional 1,354 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $113.51 on Wednesday. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The stock has a market capitalization of $38.00 billion, a P/E ratio of -40.65 and a beta of 0.83. The stock’s fifty day moving average is $116.80 and its 200 day moving average is $135.43.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS 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 analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the firm posted ($0.52) earnings per share. Equities research analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current year.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total value of $1,800,000.00. Following the transaction, the executive vice president now directly owns 718,773 shares in the company, valued at $86,252,760. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,538 shares of company stock worth $3,449,994 over the last quarter. 7.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of research analyst reports. Evercore ISI decreased their price objective on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Barclays cut their price objective on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Needham & Company LLC cut their price objective on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $180.00 price target on shares of Snowflake in a research note on Wednesday, October 2nd. Finally, Citigroup cut their price target on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.74.

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.