Engineers Gate Manager LP grew its holdings in shares of Snowflake Inc. (NYSE:SNOW – Free Report) by 434.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 156,869 shares of the company’s stock after buying an additional 127,511 shares during the quarter. Snowflake accounts for about 0.5% of Engineers Gate Manager LP’s investment portfolio, making the stock its 25th largest holding. Engineers Gate Manager LP’s holdings in Snowflake were worth $39,923,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also made changes to their positions in SNOW. Kemnay Advisory Services Inc. acquired a new stake in Snowflake in the fourth quarter valued at $28,000. Greenline Wealth Management LLC bought a new position in Snowflake during the 4th quarter valued at $29,000. Basecamp Wealth Advisors LLC grew its holdings in Snowflake by 140.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock worth $30,000 after acquiring an additional 118 shares in the last quarter. Emerald Advisers LLC grew its holdings in Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 100 shares in the last quarter. Finally, MV Capital Management Inc. bought a new stake in shares of Snowflake in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 65.10% of the company’s stock.
Snowflake Trading Down 0.7%
Shares of SNOW stock opened at $334.86 on Wednesday. The stock has a 50-day simple moving average of $301.03 and a 200 day simple moving average of $222.85. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $384.56. The stock has a market capitalization of $116.06 billion, a P/E ratio of -105.30 and a beta of 1.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on SNOW. Mizuho set a $425.00 price target on shares of Snowflake in a research report on Thursday, September 3rd. Robert W. Baird set a $450.00 price objective on Snowflake in a report on Thursday, September 3rd. Sanford C. Bernstein upped their price target on Snowflake from $195.00 to $250.00 and gave the company a “market perform” rating in a research report on Thursday, May 28th. Bank of America increased their price objective on shares of Snowflake from $330.00 to $395.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Finally, Stifel Nicolaus raised their target price on Snowflake from $350.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Thirty-four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $414.24.
Get Our Latest Analysis on Snowflake
Snowflake News Roundup
Here are the key news stories impacting Snowflake this week:
- Positive Sentiment: Management said AI services are creating a “flywheel effect” by increasing customer usage and encouraging additional spending. The CEO suggested that stronger-than-expected quarters could continue as customers adopt Snowflake’s AI offerings. Snowflake CEO: AI is unleashing a flywheel effect on our business
- Positive Sentiment: Snowflake’s product revenue increased 37% year over year, while recent results exceeded Wall Street expectations and guidance was raised. The performance supports the company’s strategy of expanding its AI Data Cloud and competing with larger analytics providers such as Oracle and Dell Technologies. Snowflake Expands in Cloud Analytics: Can It Challenge DELL & ORCL?
- Positive Sentiment: Investors have responded favorably to evidence that AI demand is translating into actual consumption and revenue growth. Snowflake’s shares rose roughly 17% following earnings, outperforming other AI software names whose results offered less evidence of monetization. Snowflake stock explodes 17% as AI fears suddenly flip
- Neutral Sentiment: At the Goldman Sachs Communacopia + Technology Conference, management discussed Snowflake’s growth and AI strategy, giving investors additional detail but no clearly new catalyst beyond its recent earnings update. Snowflake at Goldman Sachs Communacopia + Technology Conference
- Negative Sentiment: Valuation is the main pressure point. Despite improving growth, SNOW reportedly trades at approximately 152 times expected fiscal 2027 earnings, leaving the stock vulnerable to profit-taking or disappointment if AI adoption slows. Snowflake’s Growth Is Accelerating. So Is the Valuation Risk
Insider Transactions at Snowflake
In related news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $324.06, for a total transaction of $16,312,532.28. Following the completion of the sale, the director directly owned 26,036 shares in the company, valued at approximately $8,437,226.16. This trade represents a 65.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 25,000 shares of Snowflake stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the completion of the transaction, the executive vice president owned 340,379 shares in the company, valued at approximately $110,623,175. This trade represents a 6.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,128,431 shares of company stock valued at $317,314,470 in the last quarter. Insiders own 4.80% of the company’s stock.
Snowflake Profile
Snowflake Inc (NYSE: SNOW) is a cloud-based data platform company that helps organizations store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and business intelligence across public cloud environments.
Snowflake’s Data Cloud enables customers to consolidate and access structured, semi-structured and unstructured data while supporting secure data sharing and collaboration. Its offerings include Snowflake Cortex, which provides artificial intelligence and machine-learning capabilities, as well as tools for developing data applications and using data from Snowflake’s marketplace and partner ecosystem.
Founded in 2012, Snowflake serves businesses, government organizations and other institutions globally through cloud infrastructure provided by major public-cloud platforms.
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