Alta Advisers Ltd Purchases New Shares in Snowflake Inc. (NYSE:SNOW)

Alta Advisers Ltd purchased a new position in Snowflake Inc. (NYSE:SNOW) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,728 shares of the company’s stock, valued at approximately $253,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Snowflake by 80.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 307 shares of the company’s stock worth $47,000 after buying an additional 137 shares during the last quarter. Private Trust Co. NA increased its position in Snowflake by 1,570.3% during the 4th quarter. Private Trust Co. NA now owns 1,069 shares of the company’s stock valued at $165,000 after buying an additional 1,005 shares in the last quarter. US Bancorp DE increased its position in Snowflake by 21.1% during the 4th quarter. US Bancorp DE now owns 26,169 shares of the company’s stock valued at $4,041,000 after buying an additional 4,565 shares in the last quarter. Finally, Metis Global Partners LLC raised its stake in Snowflake by 8.7% during the fourth quarter. Metis Global Partners LLC now owns 7,594 shares of the company’s stock valued at $1,173,000 after buying an additional 607 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Emily Ho sold 1,544 shares of Snowflake stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $220.98, for a total transaction of $341,193.12. Following the sale, the chief accounting officer owned 35,100 shares of the company’s stock, valued at approximately $7,756,398. This trade represents a 4.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 306,502 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $222.46, for a total value of $68,184,434.92. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at $36,818,687.22. The trade was a 64.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,354,257 shares of company stock worth $288,611,422. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Trading Down 3.4%

Snowflake stock opened at $216.08 on Wednesday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $225.68. The firm has a market capitalization of $72.14 billion, a price-to-earnings ratio of -51.33 and a beta of 1.22. The firm has a 50 day moving average of $193.96 and a 200 day moving average of $174.12. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SNOW shares. BTIG Research restated a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Stifel Nicolaus raised their price objective on shares of Snowflake from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $230.00 target price on shares of Snowflake in a report on Thursday, June 5th. Cantor Fitzgerald increased their price target on shares of Snowflake from $183.00 to $242.00 and gave the company an “overweight” rating in a report on Thursday, May 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $205.00 price target on shares of Snowflake in a research report on Monday, May 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $225.36.

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.