Geode Capital Management LLC Buys 133,059 Shares of Snowflake Inc. $SNOW

Geode Capital Management LLC increased its position in Snowflake Inc. (NYSE:SNOW) by 3.1% in the second quarter, Holdings Channel.com reports. The fund owned 4,424,120 shares of the company’s stock after acquiring an additional 133,059 shares during the quarter. Geode Capital Management LLC’s holdings in Snowflake were worth $986,057,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Ballentine Partners LLC increased its holdings in shares of Snowflake by 38.5% in the first quarter. Ballentine Partners LLC now owns 1,866 shares of the company’s stock worth $273,000 after purchasing an additional 519 shares during the period. Signaturefd LLC increased its holdings in shares of Snowflake by 20.8% in the first quarter. Signaturefd LLC now owns 2,918 shares of the company’s stock worth $426,000 after purchasing an additional 502 shares during the period. Sigma Planning Corp raised its position in shares of Snowflake by 32.9% in the first quarter. Sigma Planning Corp now owns 2,647 shares of the company’s stock worth $387,000 after buying an additional 655 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its stake in Snowflake by 12.9% during the first quarter. Apollon Wealth Management LLC now owns 10,666 shares of the company’s stock valued at $1,559,000 after buying an additional 1,219 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Down 4.7%

Shares of SNOW opened at $257.15 on Friday. The firm has a market cap of $87.12 billion, a P/E ratio of -61.96 and a beta of 1.23. The stock has a 50 day simple moving average of $243.42 and a two-hundred day simple moving average of $217.75. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business’s revenue was up 31.8% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. On average, analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 931,388 shares of company stock worth $216,578,628 in the last 90 days. 6.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Morgan Stanley boosted their target price on Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Truist Financial lifted their price target on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Macquarie upped their price objective on shares of Snowflake from $210.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. raised their target price on shares of Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Finally, Piper Sandler lifted their target price on shares of Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $259.89.

Snowflake Company Profile

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.