Stablepoint Partners LLC Purchases 1,141 Shares of Snowflake Inc. (NYSE:SNOW)

Stablepoint Partners LLC boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 28.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,135 shares of the company’s stock after purchasing an additional 1,141 shares during the period. Stablepoint Partners LLC’s holdings in Snowflake were worth $665,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in Snowflake during the fourth quarter worth $838,455,000. Swedbank AB bought a new position in Snowflake during the 1st quarter worth approximately $258,957,000. Vanguard Group Inc. raised its holdings in shares of Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after acquiring an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in Snowflake during the 1st quarter valued at about $171,608,000. Finally, Trivest Advisors Ltd bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $173,747,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

NYSE:SNOW opened at $111.71 on Friday. Snowflake Inc. has a one year low of $107.93 and a one year high of $237.72. The company’s 50-day simple moving average is $127.10 and its 200 day simple moving average is $147.49. The firm has a market capitalization of $37.40 billion, a P/E ratio of -39.90 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The business 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 revenue was up 28.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.52) EPS. On average, equities research analysts expect that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 546 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total value of $70,608.72. Following the sale, the executive vice president now directly owns 756,489 shares of the company’s stock, valued at approximately $97,829,157.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Christian Kleinerman sold 546 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total transaction of $70,608.72. Following the completion of the sale, the executive vice president now directly owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, 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 512,678 shares of company stock worth $63,434,135 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on SNOW. Sanford C. Bernstein upped their target price on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a report on Thursday, May 23rd. Robert W. Baird reduced their price objective on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. Macquarie dropped 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. Bank of America lowered their price target on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Scotiabank reduced their price target on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 22nd. Two 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 stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $176.03.

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.