SG Americas Securities LLC Boosts Stake in Snowflake Inc. (NYSE:SNOW)

SG Americas Securities LLC raised its position in Snowflake Inc. (NYSE:SNOW) by 471.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 761,697 shares of the company’s stock after purchasing an additional 628,511 shares during the quarter. SG Americas Securities LLC owned 0.23% of Snowflake worth $87,489,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Accent Capital Management LLC acquired a new position in shares of Snowflake during the 4th quarter valued at $25,000. LRI Investments LLC acquired a new position in shares of Snowflake during the first quarter worth about $29,000. Riverview Trust Co purchased a new stake in shares of Snowflake in the first quarter worth about $31,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Snowflake in the first quarter valued at about $32,000. Finally, Wellington Shields Capital Management LLC purchased a new stake in shares of Snowflake during the 2nd quarter valued at about $27,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snowflake

In other Snowflake news, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares in the company, valued at approximately $5,932,582.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Snowflake news, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now directly owns 53,250 shares in the company, valued at approximately $5,932,582.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the company’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 completion of the sale, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The disclosure for this sale can be found here. Insiders have sold a total of 29,538 shares of company stock worth $3,449,994 in the last three months. 7.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of analyst reports. Bank of America decreased their price target on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a report on Friday, August 16th. DA Davidson restated a “buy” rating and issued a $175.00 target price on shares of Snowflake in a research note on Thursday. Loop Capital dropped their price target on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Morgan Stanley reissued an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Finally, Needham & Company LLC dropped their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $174.74.

Snowflake Stock Performance

Snowflake stock opened at $110.47 on Friday. The firm has a market capitalization of $36.99 billion, a P/E ratio of -39.45 and a beta of 0.83. The company has a 50-day simple moving average of $117.40 and a 200-day simple moving average of $136.38. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. Snowflake’s revenue was up 28.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.52) earnings per share. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current year.

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.