Federated Hermes Inc. Increases Holdings in Snowflake Inc. $SNOW

Federated Hermes Inc. lifted its holdings in Snowflake Inc. (NYSE:SNOW) by 38.2% in the second quarter, HoldingsChannel.com reports. The fund owned 359,626 shares of the company’s stock after buying an additional 99,412 shares during the quarter. Federated Hermes Inc.’s holdings in Snowflake were worth $80,474,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Berkshire Capital Holdings Inc. raised its position in shares of Snowflake by 71,500.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock valued at $1,047,000 after buying an additional 7,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake during the second quarter worth $6,845,000. Kingstone Capital Partners Texas LLC purchased a new position in Snowflake during the second quarter valued at $3,900,134,000. Bank of Hawaii purchased a new position in Snowflake during the first quarter valued at $1,019,000. Finally, Invesco Ltd. increased its holdings in Snowflake by 26.5% in the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company’s stock valued at $451,384,000 after acquiring an additional 647,176 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Evercore ISI increased their price objective on shares of Snowflake from $280.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday. Cantor Fitzgerald boosted their target price on Snowflake from $275.00 to $278.00 and gave the stock an “overweight” rating in a research report on Thursday. Piper Sandler restated an “overweight” rating and set a $285.00 price target on shares of Snowflake in a report on Thursday. Stifel Nicolaus lifted their price objective on Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Jefferies Financial Group set a $300.00 target price on Snowflake in a research report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.05.

Snowflake Stock Down 2.3%

NYSE SNOW opened at $229.42 on Monday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The firm has a market capitalization of $77.73 billion, a price-to-earnings ratio of -56.79 and a beta of 1.09. The company has a fifty day moving average of $251.34 and a two-hundred day moving average of $226.88.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 43.84%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm posted $0.20 earnings per share. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. On average, analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $257.29, for a total value of $103,687.87. Following the completion of the sale, the director owned 24,927 shares of the company’s stock, valued at $6,413,467.83. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $249.53, for a total value of $2,495,300.00. Following the transaction, the executive vice president owned 512,450 shares of the company’s stock, valued at $127,871,648.50. This trade represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 170,564 shares of company stock worth $41,676,989 over the last three months. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Company 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.