Covenant Asset Management LLC Buys 25,936 Shares of Snowflake Inc. $SNOW

Covenant Asset Management LLC purchased a new position in shares of Snowflake Inc. (NYSE:SNOW) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,936 shares of the company’s stock, valued at approximately $8,807,000. Snowflake makes up about 1.2% of Covenant Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding.

A number of other large investors have also made changes to their positions in the company. Janus Henderson Group PLC raised its stake in Snowflake by 20.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,452,425 shares of the company’s stock worth $537,907,000 after buying an additional 415,951 shares during the period. Pictet Asset Management Holding SA lifted its holdings in Snowflake by 44.7% during the first quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company’s stock worth $392,259,000 after acquiring an additional 803,110 shares in the last quarter. Jericho Capital Asset Management L.P. bought a new position in Snowflake during the fourth quarter worth about $345,619,000. Swedbank AB grew its stake in Snowflake by 24.0% in the first quarter. Swedbank AB now owns 1,649,771 shares of the company’s stock valued at $248,818,000 after acquiring an additional 319,356 shares during the period. Finally, Gotham Asset Management LLC grew its stake in Snowflake by 3.5% in the fourth quarter. Gotham Asset Management LLC now owns 990,125 shares of the company’s stock valued at $217,194,000 after acquiring an additional 33,586 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake News Summary

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Broader data and AI ecosystem: Snowflake continues expanding its platform through integrations and partner validations. UiPath’s expanded two-way integration is designed to keep enterprise data within Snowflake while enabling automation and AI agents, potentially strengthening customer retention and the company’s data-platform moat. Can Snowflake’s UiPath Integration Deepen Its Data Moat Or Blur Its AI Strategy?
• Positive Sentiment: Partner and customer adoption: Treasure AI received Snowflake Ready Technology Validation, while InsuranceMarket.ae said it is building a trusted data foundation on Snowflake to improve customer experiences. ATTOM also introduced Semantic Views for its property data delivered through Snowflake, making complex real-estate information easier to query and analyze. These announcements support Snowflake’s positioning as infrastructure for governed enterprise data and AI use cases. Treasure AI Achieves Snowflake Ready Technology Validation InsuranceMarket.ae Builds Trusted Data Foundation on Snowflake ATTOM Introduces Semantic Views for Property Data in Snowflake
• Neutral Sentiment: Snowflake’s Chief Data and AI Officer said enterprises are moving AI projects from experimentation into production, emphasizing governance, security and trusted data. The comments reinforce the long-term opportunity but did not provide new financial guidance. Snowflake’s Anahita Tafvizi on Scaling AI From Experiments to Production
• Negative Sentiment: Valuation concerns: Analysts and commentators questioned whether Snowflake’s valuation can be supported by its sales growth, despite substantial recent gains and enthusiasm around AI. One analysis also noted potential risks in the economics of its AI business, increasing sensitivity to execution and future growth. Snowflake Stock Looks Fully Priced Is Snowflake Stock Riskier Than It Looks?
• Negative Sentiment: Brokerage downgrade: Phillip Securities lowered Snowflake from “strong buy” to “moderate buy,” reinforcing concerns that the stock’s elevated valuation leaves less room for disappointment. Snowflake Stock Bumped Down to Moderate Buy by Phillip Securities

Snowflake Trading Down 6.6%

SNOW opened at $334.32 on Thursday. The stock has a market capitalization of $117.95 billion, a P/E ratio of -105.13 and a beta of 1.35. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $384.56. The firm’s fifty day simple moving average is $333.37 and its 200 day simple moving average is $253.25. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the company earned $0.35 EPS. The company’s revenue was up 35.1% on a year-over-year basis. As a group, research analysts anticipate that Snowflake Inc. will post -1.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SNOW. Rosenblatt Securities increased their price target on Snowflake from $285.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Phillip Securities cut Snowflake from a “strong-buy” rating to a “moderate buy” rating in a report on Monday. Oppenheimer lifted their price objective on Snowflake from $400.00 to $475.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft set a $400.00 price objective on Snowflake in a research report on Thursday, September 3rd. Finally, Guggenheim reissued a “neutral” rating on shares of Snowflake in a research note on Thursday, September 3rd. Thirty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus target price of $414.24.

Insider Transactions at Snowflake

In related news, Director Michael Speiser sold 50,338 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $324.06, for a total transaction of $16,312,532.28. Following the completion of the transaction, the director directly owned 26,036 shares in the company, valued at approximately $8,437,226.16. This trade represents a 65.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 50,000 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $350.00, for a total value of $17,500,000.00. Following the transaction, the director owned 10,074 shares of the company’s stock, valued at approximately $3,525,900. The trade was a 83.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,246,429 shares of company stock valued at $396,227,952 over the last three months. 4.80% of the stock is currently owned by corporate insiders.

Snowflake Company Profile

Snowflake Inc (NYSE: SNOW) provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake’s services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.