Engineers Gate Manager LP Purchases 141,691 Shares of Snowflake Inc. $SNOW

by · The Cerbat Gem

Engineers Gate Manager LP increased its position in Snowflake Inc. (NYSE:SNOW – Free Report) by 147.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 237,887 shares of the company’s stock after acquiring an additional 141,691 shares during the quarter. Snowflake accounts for 0.7% of Engineers Gate Manager LP’s holdings, making the stock its 8th largest position. Engineers Gate Manager LP’s holdings in Snowflake were worth $53,232,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Berkshire Capital Holdings Inc. lifted its stake in shares of Snowflake by 71,500.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock worth $1,047,000 after acquiring an additional 7,150 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Snowflake during the 2nd quarter worth approximately $6,845,000. Kingstone Capital Partners Texas LLC acquired a new position in shares of Snowflake in the 2nd quarter worth approximately $3,900,134,000. Bank of Hawaii acquired a new position in shares of Snowflake in the 1st quarter worth approximately $1,019,000. Finally, Goldstream Capital Management Ltd bought a new stake in shares of Snowflake in the 2nd quarter valued at $3,801,000. Institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNOW. BTIG Research restated a “buy” rating and issued a $312.00 target price on shares of Snowflake in a report on Thursday, December 4th. Stifel Nicolaus lifted their price objective on Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, December 4th. Robert W. Baird upped their target price on Snowflake from $260.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, December 4th. Evercore ISI raised their target price on Snowflake from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, December 4th. Finally, Piper Sandler reissued an “overweight” rating and issued a $285.00 price target on shares of Snowflake in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $274.78.

Get Our Latest Report on Snowflake

Snowflake Stock Down 1.2%

Shares of NYSE:SNOW opened at $217.95 on Friday. The business’s 50 day simple moving average is $250.24 and its two-hundred day simple moving average is $227.20. The firm has a market cap of $73.84 billion, a P/E ratio of -53.95 and a beta of 1.09. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.48 and a current ratio of 1.37. Snowflake Inc. has a 52-week low of $120.10 and a 52-week high of $280.67.

Snowflake (NYSE:SNOW – Get Free Report) last released its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s quarterly revenue was up 28.7% on a year-over-year basis. As a group, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, Director Frank Slootman sold 1,993 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $223.31, for a total transaction of $445,056.83. Following the completion of the sale, the director directly owned 150,456 shares of the company’s stock, valued at $33,598,329.36. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $92,951.95. Following the completion of the sale, the director owned 24,524 shares in the company, valued at $5,656,460.60. This represents a 1.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 221,360 shares of company stock worth $53,391,315. 6.80% of the stock is owned by corporate insiders.

Snowflake Profile

(Free Report)

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.

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