Archer Investment Corp Has $560,000 Stake in Snowflake Inc. $SNOW

Archer Investment Corp raised its holdings in Snowflake Inc. (NYSE:SNOW) by 5,056.9% in the 1st quarter, HoldingsChannel reports. The fund owned 3,713 shares of the company’s stock after acquiring an additional 3,641 shares during the period. Archer Investment Corp’s holdings in Snowflake were worth $560,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SNOW. Vanguard Group Inc. lifted its holdings in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Jennison Associates LLC increased its position in shares of Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the last quarter. Nuveen LLC lifted its stake in Snowflake by 2.3% during the fourth quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after purchasing an additional 116,521 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock valued at $1,052,195,000 after purchasing an additional 249,668 shares during the last quarter. Finally, Norges Bank bought a new stake in Snowflake in the fourth quarter valued at approximately $974,091,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In other news, Director Mark Garrett sold 100,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the sale, the director owned 8,801 shares of the company’s stock, valued at $2,200,250. This represents a 91.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $141.60, for a total value of $7,127,860.80. Following the sale, the director directly owned 28,556 shares of the company’s stock, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,802,015 shares of company stock worth $421,739,629 in the last ninety days. 4.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SNOW. Canaccord Genuity Group lifted their price target on Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Cantor Fitzgerald boosted their price target on Snowflake from $225.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Wells Fargo & Company boosted their target price on shares of Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Bank of America upped their target price on Snowflake from $205.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Needham & Company LLC upped their price objective on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $293.53.

Snowflake Stock Performance

NYSE SNOW opened at $268.81 on Tuesday. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The stock has a market capitalization of $93.17 billion, a price-to-earnings ratio of -76.37 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The stock has a 50-day moving average of $217.43 and a 200 day moving average of $192.05.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 EPS. Sell-side analysts anticipate that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.