Park Avenue Securities LLC Makes New Investment in Snowflake Inc. $SNOW

Park Avenue Securities LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,416 shares of the company’s stock, valued at approximately $2,331,000.

Several other hedge funds and other institutional investors have also modified their holdings of SNOW. Opal Wealth Advisors LLC purchased a new stake in Snowflake in the 1st quarter worth about $26,000. CVA Family Office LLC lifted its position in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after purchasing an additional 187 shares in the last quarter. Tradewinds Capital Management LLC boosted its holdings in shares of Snowflake by 53.1% during the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock worth $36,000 after purchasing an additional 85 shares during the period. Finally, CX Institutional purchased a new position in Snowflake during the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 2,611 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $230.48, for a total transaction of $601,783.28. Following the completion of the sale, the executive vice president owned 542,450 shares in the company, valued at $125,023,876. This represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares in the company, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,774,140 shares of company stock worth $621,182,005 over the last ninety days. Company insiders own 6.80% of the company’s stock.

Snowflake Trading Down 0.4%

Shares of SNOW stock opened at $222.70 on Thursday. Snowflake Inc. has a 12 month low of $108.71 and a 12 month high of $249.99. The company has a market cap of $75.45 billion, a PE ratio of -53.66 and a beta of 1.22. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The business’s 50 day moving average is $213.93 and its two-hundred day moving average is $191.91.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the company earned $0.18 earnings per share. Snowflake’s revenue for the quarter was up 31.8% on a year-over-year basis. Equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group lifted their target price on shares of Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Robert W. Baird increased their price objective on Snowflake from $215.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, August 28th. Evercore ISI boosted their target price on Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Stifel Nicolaus raised their price target on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Finally, CICC Research began coverage on Snowflake in a research note on Friday, June 20th. They issued an “outperform” rating and a $225.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $255.53.

About Snowflake

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.