First Horizon Advisors Inc. Increases Stock Position in Snowflake Inc. $SNOW

First Horizon Advisors Inc. raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 101.2% in the second quarter, Holdings Channel.com reports. The fund owned 1,316 shares of the company’s stock after purchasing an additional 662 shares during the period. First Horizon Advisors Inc.’s holdings in Snowflake were worth $295,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SNOW. Vanguard Group Inc. boosted its position in shares of Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock worth $3,974,705,000 after purchasing an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake during the second quarter worth $3,900,134,000. Jennison Associates LLC lifted its stake in Snowflake by 20.5% during the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock worth $1,790,309,000 after purchasing an additional 1,363,389 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock worth $691,693,000 after buying an additional 763,673 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Snowflake in the first quarter valued at $555,847,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNOW has been the topic of several research reports. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research note on Thursday, August 28th. Truist Financial boosted their price target on shares of Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. KeyCorp raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. DA Davidson restated a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a report on Monday, August 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $258.95.

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 2,976 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $236.01, for a total value of $702,365.76. Following the completion of the sale, the director owned 34,436 shares in the company, valued at approximately $8,127,240.36. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $277.73, for a total value of $2,777,300.00. Following the completion of the sale, the executive vice president directly owned 522,450 shares of the company’s stock, valued at $145,100,038.50. The trade was a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 880,647 shares of company stock valued at $203,522,973 over the last quarter. Company insiders own 6.80% of the company’s stock.

Snowflake Stock Down 0.8%

Shares of NYSE:SNOW opened at $262.72 on Friday. Snowflake Inc. has a fifty-two week low of $119.66 and a fifty-two week high of $280.67. The firm’s 50 day moving average price is $240.55 and its 200 day moving average price is $214.54. 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 has a market cap of $89.01 billion, a price-to-earnings ratio of -63.31 and a beta of 1.23.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping 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 company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the business posted $0.18 EPS. The firm’s revenue was up 31.8% on a year-over-year basis. As a group, equities research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal 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.