Snowflake Inc. $SNOW Holdings Raised by Bank of Nova Scotia

Bank of Nova Scotia raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 570.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 220,751 shares of the company’s stock after purchasing an additional 187,838 shares during the period. Bank of Nova Scotia’s holdings in Snowflake were worth $49,397,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake during the second quarter worth $25,000. Avion Wealth increased its position in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Rossby Financial LCC raised its stake in shares of Snowflake by 4,233.3% during the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after buying an additional 82 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its stake in shares of Snowflake by 417.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock valued at $34,000 after buying an additional 121 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Down 1.7%

Shares of SNOW stock opened at $224.99 on Tuesday. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. 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 firm has a market cap of $76.23 billion, a PE ratio of -55.69 and a beta of 1.09. The stock has a 50 day moving average of $251.32 and a 200-day moving average of $227.03.

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Monness Crespi & Hardt raised their price target on shares of Snowflake from $260.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, December 4th. Evercore ISI upped their price objective on shares of Snowflake from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday. Bank of America increased their target price on shares of Snowflake from $280.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Finally, Rosenblatt Securities raised their target price on Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a report on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average price target of $274.78.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the company’s 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 owned 153,226 shares of the company’s stock, valued at $33,899,720.24. This represents a 4.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total value of $2,238,800.00. Following the completion of the sale, the executive vice president owned 532,450 shares of the company’s stock, valued at $119,204,906. This represents a 1.84% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 218,819 shares of company stock worth $52,823,885. 6.80% of the stock is owned by company insiders.

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.