Grandview Asset Management LLC Grows Stock Position in Snowflake Inc. $SNOW

Grandview Asset Management LLC boosted its stake in Snowflake Inc. (NYSE:SNOW) by 37.5% in the second quarter, Holdings Channel.com reports. The fund owned 2,576 shares of the company’s stock after buying an additional 702 shares during the quarter. Grandview Asset Management LLC’s holdings in Snowflake were worth $576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock valued at $524,293,000 after purchasing an additional 650,775 shares during the last quarter. CenterBook Partners LP acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. increased its position in shares of Snowflake by 71,500.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock worth $1,047,000 after buying an additional 7,150 shares during the period. Lyell Wealth Management LP raised its position in Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock worth $8,870,000 after acquiring an additional 2,955 shares during the period. Finally, ORG Wealth Partners LLC purchased a new position in Snowflake in the 1st quarter worth approximately $898,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity

In other news, EVP Christian Kleinerman sold 2,611 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $230.48, for a total value of $601,783.28. Following the transaction, the executive vice president directly owned 542,450 shares of the company’s stock, valued at approximately $125,023,876. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 7,551 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director owned 153,226 shares of the company’s stock, valued at $33,899,720.24. This represents a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,469,296 shares of company stock worth $553,371,035 in the last ninety days. Corporate insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on SNOW. JPMorgan Chase & Co. raised their price objective on shares of Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Jefferies Financial Group lifted their target price on Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Truist Financial upped their price objective on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Evercore ISI increased their target price on Snowflake from $240.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, August 28th. Finally, Monness Crespi & Hardt boosted their target price on Snowflake from $245.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $255.53.

Snowflake Price Performance

Shares of NYSE SNOW opened at $224.64 on Friday. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock’s 50 day moving average price is $214.29 and its 200-day moving average price is $193.22. The company has a market capitalization of $76.11 billion, a PE ratio of -54.13 and a beta of 1.22.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business posted $0.18 earnings per share. The company’s revenue was up 31.8% on a year-over-year basis. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

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.