NorthCrest Asset Manangement LLC Increases Stock Position in Snowflake Inc. (NYSE:SNOW)

NorthCrest Asset Manangement LLC boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 47.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,486 shares of the company’s stock after buying an additional 3,701 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Snowflake were worth $1,679,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SNOW. Stonebridge Financial Group LLC purchased a new position in shares of Snowflake in the fourth quarter valued at approximately $29,000. West Paces Advisors Inc. purchased a new position in Snowflake in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC purchased a new position in Snowflake in the fourth quarter worth approximately $31,000. Capital A Wealth Management LLC purchased a new position in Snowflake in the fourth quarter worth approximately $31,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in Snowflake in the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 7,016 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $155.69, for a total value of $1,092,321.04. Following the sale, the director now directly owns 182,999 shares in the company, valued at $28,491,114.31. The trade was a 3.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 3,765 shares of the business’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $155.69, for a total transaction of $586,172.85. Following the completion of the sale, the executive vice president now owns 616,602 shares in the company, valued at $95,998,765.38. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 903,058 shares of company stock worth $170,730,711. Corporate insiders own 6.80% of the company’s stock.

Snowflake Price Performance

Shares of NYSE SNOW opened at $208.14 on Friday. The firm has a market capitalization of $69.49 billion, a P/E ratio of -61.40 and a beta of 1.21. Snowflake Inc. has a one year low of $107.13 and a one year high of $214.83. The company’s fifty day moving average is $176.54 and its two-hundred day moving average is $170.76. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business’s revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 EPS. Analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNOW. Wall Street Zen upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Citigroup reiterated an “outperform” rating on shares of Snowflake in a research note on Thursday, May 22nd. Barclays reissued an “overweight” rating and set a $219.00 price objective (up previously from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Wolfe Research raised shares of Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price objective on the stock in a report on Tuesday, February 18th. Finally, Cowen reissued a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $223.50.

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.