Snowflake Inc. (NYSE:SNOW) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in Snowflake Inc. (NYSE:SNOW) by 22.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,016 shares of the company’s stock after purchasing an additional 1,476 shares during the quarter. Van ECK Associates Corp’s holdings in Snowflake were worth $1,083,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of SNOW. MUFG Securities EMEA plc acquired a new position in shares of Snowflake in the 2nd quarter valued at $2,918,000. Rothschild Investment LLC purchased a new stake in Snowflake in the second quarter valued at approximately $731,000. Outfitter Financial LLC raised its position in Snowflake by 31.5% during the 2nd quarter. Outfitter Financial LLC now owns 4,090 shares of the company’s stock worth $553,000 after buying an additional 980 shares during the last quarter. Arrow Financial Corp lifted its stake in Snowflake by 8.4% during the 2nd quarter. Arrow Financial Corp now owns 8,240 shares of the company’s stock valued at $1,113,000 after acquiring an additional 636 shares during the period. Finally, Adero Partners LLC increased its stake in shares of Snowflake by 9.3% in the second quarter. Adero Partners LLC now owns 238,365 shares of the company’s stock worth $32,201,000 after acquiring an additional 20,379 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

NYSE:SNOW opened at $108.56 on Friday. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The stock has a market cap of $36.35 billion, a PE ratio of -38.77 and a beta of 0.83. The stock has a 50 day moving average price of $126.57 and a 200 day moving average price of $146.13.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping the consensus estimate 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 business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the firm earned ($0.52) EPS. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. As a group, analysts predict that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’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 transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 transaction, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $607,236.06. The disclosure for this sale can be found here. Insiders have sold 512,678 shares of company stock valued at $63,434,135 over the last ninety days. Company insiders own 7.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SNOW shares. TD Cowen reduced their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. DA Davidson lowered their price objective on Snowflake from $230.00 to $175.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. KeyCorp lifted their target price on shares of Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Rosenblatt Securities reiterated a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research note on Monday, August 19th. Finally, Barclays dropped their price target on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Company 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.