Plato Investment Management Ltd Takes Position in Snowflake Inc. $SNOW

Plato Investment Management Ltd acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) in the second quarter, HoldingsChannel reports. The fund acquired 6,670 shares of the company’s stock, valued at approximately $1,688,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Jennison Associates LLC grew its stake in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after buying an additional 2,519,413 shares during the last quarter. Swedbank AB lifted its stake in Snowflake by 6.0% in the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock valued at $291,840,000 after buying an additional 75,419 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Snowflake by 8.2% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company’s stock valued at $31,639,000 after buying an additional 10,972 shares during the last quarter. North Dakota State Investment Board acquired a new position in shares of Snowflake during the fourth quarter valued at $3,495,000. Finally, Nippon Life Global Investors Americas Inc. boosted its holdings in shares of Snowflake by 1,052.2% during the fourth quarter. Nippon Life Global Investors Americas Inc. now owns 111,990 shares of the company’s stock valued at $24,566,000 after acquiring an additional 102,270 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Snowflake in a report on Wednesday, June 3rd. Bank of America upped their target price on shares of Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Raymond James Financial restated an “outperform” rating and issued a $275.00 price target on shares of Snowflake in a research note on Thursday, May 28th. The Goldman Sachs Group lifted their price target on Snowflake from $216.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, Wedbush boosted their price objective on Snowflake from $270.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $307.46.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $324.06, for a total value of $130,596.18. Following the sale, the director owned 22,573 shares of the company’s stock, valued at approximately $7,315,006.38. The trade was a 1.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 343 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $255.11, for a total value of $87,502.73. Following the completion of the sale, the director directly owned 5,060 shares in the company, valued at $1,290,856.60. This represents a 6.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 2,027,351 shares of company stock valued at $509,659,117. 4.80% of the stock is currently owned by company insiders.

Snowflake Stock Performance

Shares of SNOW opened at $331.23 on Tuesday. The firm has a market capitalization of $114.80 billion, a PE ratio of -94.10 and a beta of 1.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The firm has a 50-day moving average price of $272.06 and a 200 day moving average price of $206.29. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $341.95.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. Snowflake’s revenue was up 33.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.24 EPS. On average, sell-side analysts anticipate that Snowflake Inc. will post -1.81 earnings per share 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.