Wellington Shields Capital Management LLC Has $90,000 Stock Holdings in Snowflake Inc. $SNOW

Wellington Shields Capital Management LLC grew its position in Snowflake Inc. (NYSE:SNOW) by 100.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 400 shares of the company’s stock after purchasing an additional 200 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Snowflake were worth $90,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock valued at $3,974,705,000 after acquiring an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake in the second quarter valued at about $3,900,134,000. Jennison Associates LLC grew its stake in Snowflake by 20.5% in the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock valued at $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock valued at $691,693,000 after acquiring an additional 763,673 shares during the period. Finally, Nuveen LLC acquired a new position in Snowflake in the first quarter valued at about $555,847,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNOW has been the subject of a number of research analyst reports. Macquarie boosted their target price on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, August 28th. Canaccord Genuity Group raised their price objective on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. UBS Group raised their price objective on shares of Snowflake from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Morgan Stanley raised their price objective on shares of Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Finally, Bank of America upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $220.00 to $240.00 in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $258.95.

Insider Buying and Selling

In related news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president directly owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 865,647 shares of company stock valued at $199,370,673. 6.80% of the stock is currently owned by company insiders.

Snowflake Stock Up 0.8%

Shares of SNOW stock opened at $277.08 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $280.67. The firm’s fifty day moving average price is $236.88 and its two-hundred day moving average price is $212.08. The firm has a market capitalization of $93.87 billion, a P/E ratio of -66.77 and a beta of 1.23.

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

Snowflake 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.