Oppenheimer Asset Management Inc. Acquires 7,062 Shares of Snowflake Inc. (NYSE:SNOW)

Oppenheimer Asset Management Inc. grew its stake in Snowflake Inc. (NYSE:SNOW) by 51.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 20,733 shares of the company’s stock after purchasing an additional 7,062 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Snowflake were worth $3,030,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SNOW. Brighton Jones LLC grew its stake in Snowflake by 90.0% in 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. Principal Financial Group Inc. boosted its holdings in shares of Snowflake by 60.0% in the 4th quarter. Principal Financial Group Inc. now owns 109,230 shares of the company’s stock valued at $16,866,000 after buying an additional 40,979 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Snowflake by 21.1% in the fourth quarter. First Horizon Advisors Inc. now owns 621 shares of the company’s stock valued at $96,000 after buying an additional 108 shares in the last quarter. Howard Capital Management Inc. acquired a new position in Snowflake during the fourth quarter worth $278,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Snowflake during the fourth quarter worth $38,000. Institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the sale, the director now directly owns 26,375 shares in the company, valued at approximately $3,408,968.75. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Emily Ho sold 5,027 shares of Snowflake stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $199.06, for a total transaction of $1,000,674.62. Following the sale, the chief accounting officer now directly owns 40,608 shares in the company, valued at $8,083,428.48. This trade represents a 11.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 597,248 shares of company stock worth $121,549,799 over the last three months. Corporate insiders own 6.80% of the company’s stock.

Snowflake Trading Down 0.6%

SNOW opened at $221.79 on Thursday. The stock has a market capitalization of $74.05 billion, a price-to-earnings ratio of -52.68 and a beta of 1.21. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $225.68. The company has a 50-day simple moving average of $187.55 and a 200 day simple moving average of $172.77.

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

Analyst Upgrades and Downgrades

SNOW has been the topic of several recent analyst reports. Daiwa Capital Markets began coverage on shares of Snowflake in a research note on Tuesday, April 1st. They set a “buy” rating and a $210.00 price objective on the stock. Jefferies Financial Group lifted their target price on Snowflake from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Barclays reissued an “overweight” rating and set a $219.00 target price (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Monness Crespi & Hardt raised their price target on Snowflake from $230.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. Finally, UBS Group raised shares of Snowflake from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $210.00 to $265.00 in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $225.22.

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.