RiverPark Advisors LLC Makes New Investment in Snowflake Inc. (NYSE:SNOW)

RiverPark Advisors LLC bought a new stake in Snowflake Inc. (NYSE:SNOW) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 39,259 shares of the company’s stock, valued at approximately $9,001,000.

Several other hedge funds and other institutional investors have also modified their holdings of SNOW. Rhumbline Advisers acquired a new stake in shares of Snowflake in the 4th quarter valued at approximately $318,000. Berman Capital Advisors LLC lifted its holdings in shares of Snowflake by 86.2% during the fourth quarter. Berman Capital Advisors LLC now owns 1,862 shares of the company’s stock worth $523,000 after buying an additional 862 shares in the last quarter. Baird Financial Group Inc. acquired a new position in Snowflake in the fourth quarter valued at about $207,000. Northern Trust Corp raised its stake in Snowflake by 75.5% in the fourth quarter. Northern Trust Corp now owns 128,780 shares of the company’s stock valued at $36,238,000 after purchasing an additional 55,392 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in Snowflake by 1.2% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 5,170 shares of the company’s stock worth $1,455,000 after acquiring an additional 60 shares in the last quarter. 59.67% of the stock is currently owned by institutional investors.

In other Snowflake news, insider Benoit Dageville sold 100 shares of the stock in a transaction dated Tuesday, July 13th. The shares were sold at an average price of $275.00, for a total transaction of $27,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Michael Scarpelli sold 200,000 shares of the firm’s stock in a transaction dated Friday, June 25th. The shares were sold at an average price of $249.79, for a total transaction of $49,958,000.00. Following the completion of the transaction, the chief financial officer now directly owns 324,895 shares in the company, valued at approximately $81,155,522.05. The disclosure for this sale can be found here. Insiders sold 758,703 shares of company stock valued at $185,364,847 over the last 90 days. 11.30% of the stock is owned by corporate insiders.

Shares of NYSE SNOW traded up $5.80 during midday trading on Thursday, reaching $265.10. The company’s stock had a trading volume of 95,608 shares, compared to its average volume of 3,522,822. Snowflake Inc. has a one year low of $184.71 and a one year high of $429.00. The stock has a 50 day moving average price of $242.44. The stock has a market capitalization of $78.50 billion and a P/E ratio of -69.43.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Tuesday, May 25th. The company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.35. The company had revenue of $228.91 million for the quarter, compared to analysts’ expectations of $211.16 million. On average, analysts anticipate that Snowflake Inc. will post -2.24 EPS for the current fiscal year.

Several analysts recently commented on SNOW shares. Evercore ISI assumed coverage on Snowflake in a report on Friday, March 26th. They issued an “outperform” rating and a $311.00 target price on the stock. Mizuho lowered their price target on Snowflake from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 13th. Needham & Company LLC assumed coverage on Snowflake in a research note on Monday, May 3rd. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft increased their price target on Snowflake from $248.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, June 14th. Finally, The Goldman Sachs Group upgraded Snowflake from a “neutral” rating to a “buy” rating and raised their target price for the stock from $270.00 to $275.00 in a research note on Friday, May 14th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $279.74.

About Snowflake

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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