Sycomore Asset Management Buys Shares of 55,953 Snowflake Inc. (NYSE:SNOW)

by · The Cerbat Gem

Sycomore Asset Management purchased a new stake in Snowflake Inc. (NYSE:SNOW – Free Report) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 55,953 shares of the company’s stock, valued at approximately $6,294,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. LRI Investments LLC acquired a new stake in shares of Snowflake during the first quarter worth about $29,000. Wellington Shields Capital Management LLC acquired a new position in Snowflake in the 2nd quarter valued at $27,000. V Square Quantitative Management LLC acquired a new position in Snowflake in the 3rd quarter valued at $30,000. Global Financial Private Client LLC acquired a new stake in shares of Snowflake during the 1st quarter worth $44,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the transaction, the executive vice president now owns 721,755 shares in the company, valued at $86,610,600. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,538 shares of company stock valued at $7,061,544. 7.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on SNOW. JMP Securities decreased their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. HSBC upgraded shares of Snowflake from a “reduce” rating to a “hold” rating and raised their price target for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. KeyCorp decreased their price objective on shares of Snowflake from $168.00 to $150.00 and set an “overweight” rating for the company in a report on Monday. Argus initiated coverage on shares of Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating for the company. Finally, DA Davidson reiterated a “buy” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $172.09.

Read Our Latest Report on SNOW

Snowflake Stock Up 0.1 %

Shares of Snowflake stock traded up $0.13 on Thursday, reaching $130.86. The company’s stock had a trading volume of 2,209,037 shares, compared to its average volume of 6,467,190. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The company has a market capitalization of $43.86 billion, a P/E ratio of -42.71 and a beta of 0.83. The stock has a 50-day moving average price of $116.03 and a 200-day moving average price of $128.90.

Snowflake (NYSE:SNOW – Get Free Report) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the prior year, the company earned ($0.52) EPS. Snowflake’s revenue was up 28.9% on a year-over-year basis. Sell-side analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

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.

See Also

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW – Free Report).