Rakuten Investment Management Inc. Invests $45.66 Million in Snowflake Inc. $SNOW

Rakuten Investment Management Inc. purchased a new position in shares of Snowflake Inc. (NYSE:SNOW) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 202,453 shares of the company’s stock, valued at approximately $45,663,000. Rakuten Investment Management Inc. owned about 0.06% of Snowflake at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SNOW. Chicago Partners Investment Group LLC grew its holdings in shares of Snowflake by 7.9% during the third quarter. Chicago Partners Investment Group LLC now owns 6,755 shares of the company’s stock worth $1,524,000 after purchasing an additional 494 shares during the last quarter. Vest Financial LLC grew its holdings in Snowflake by 30.2% during the 3rd quarter. Vest Financial LLC now owns 1,243 shares of the company’s stock worth $280,000 after acquiring an additional 288 shares during the last quarter. Williams & Novak LLC increased its position in Snowflake by 21.6% in the 3rd quarter. Williams & Novak LLC now owns 1,974 shares of the company’s stock valued at $445,000 after acquiring an additional 350 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in shares of Snowflake in the third quarter worth about $25,000. Finally, Dynasty Wealth Management LLC acquired a new position in shares of Snowflake during the third quarter worth approximately $257,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

Snowflake stock opened at $206.06 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $70.51 billion, a P/E ratio of -51.00 and a beta of 1.14. The business has a 50-day moving average of $230.62 and a 200-day moving average of $228.64. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. Snowflake’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same period last year, the company posted $0.20 EPS. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling

In other news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the transaction, the senior vice president directly owned 218,020 shares of the company’s stock, valued at $48,060,328.80. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $219.90, for a total transaction of $2,199,000.00. Following the completion of the sale, the executive vice president owned 471,351 shares of the company’s stock, valued at approximately $103,650,084.90. This represents a 2.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 418,681 shares of company stock valued at $96,073,145. 6.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNOW has been the subject of a number of research reports. Robert W. Baird raised their price target on shares of Snowflake from $260.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. KeyCorp lifted their target price on Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Morgan Stanley boosted their target price on Snowflake from $272.00 to $299.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Cantor Fitzgerald raised their price target on Snowflake from $275.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Finally, Bank of America boosted their price objective on Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $275.58.

About Snowflake

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.