Donoghue Forlines LLC Invests $2.90 Million in Snowflake Inc. $SNOW

Donoghue Forlines LLC purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,955 shares of the company’s stock, valued at approximately $2,899,000. Snowflake makes up approximately 0.8% of Donoghue Forlines LLC’s investment portfolio, making the stock its 22nd biggest position.

A number of other institutional investors have also added to or reduced their stakes in SNOW. Vanguard Group Inc. grew its position in shares of Snowflake by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock worth $3,974,705,000 after buying an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake during the second quarter valued at approximately $3,900,134,000. Jennison Associates LLC lifted its holdings in shares of Snowflake by 20.5% during the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock valued at $1,790,309,000 after purchasing an additional 1,363,389 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock worth $691,693,000 after purchasing an additional 763,673 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Snowflake by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 4,424,120 shares of the company’s stock worth $986,057,000 after buying an additional 133,059 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the completion of the sale, the director owned 35,276 shares of the company’s stock, valued at approximately $7,931,808.60. The trade was a 58.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total value of $2,335,000.00. Following the completion of the transaction, the executive vice president directly owned 527,336 shares in the company, valued at $123,132,956. This trade represents a 1.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 931,388 shares of company stock valued at $216,578,628 over the last three months. 6.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SNOW. Jefferies Financial Group lifted their price objective on Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Snowflake in a research report on Friday, October 17th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research report on Thursday, August 28th. Royal Bank Of Canada raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $295.00 target price on shares of Snowflake in a research note on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $259.89.

Snowflake Stock Down 4.7%

SNOW stock opened at $257.15 on Friday. The company has a market cap of $87.12 billion, a price-to-earnings ratio of -61.96 and a beta of 1.23. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The business’s 50-day moving average is $243.42 and its two-hundred day moving average is $217.75. Snowflake Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $280.67.

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