CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New Investment in Snowflake Inc. $SNOW

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in Snowflake Inc. (NYSE:SNOW) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 13,000 shares of the company’s stock, valued at approximately $2,932,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Forefront Wealth Partners LLC purchased a new stake in Snowflake during the 3rd quarter worth about $268,000. Sivia Capital Partners LLC grew its holdings in Snowflake by 10.9% during the 3rd quarter. Sivia Capital Partners LLC now owns 6,679 shares of the company’s stock valued at $1,506,000 after buying an additional 658 shares in the last quarter. Diversified Trust Co increased its position in shares of Snowflake by 164.4% during the third quarter. Diversified Trust Co now owns 15,155 shares of the company’s stock valued at $3,418,000 after buying an additional 9,423 shares during the period. LVW Advisors LLC lifted its holdings in shares of Snowflake by 35.4% in the third quarter. LVW Advisors LLC now owns 1,303 shares of the company’s stock worth $294,000 after buying an additional 341 shares in the last quarter. Finally, waypoint wealth counsel lifted its holdings in shares of Snowflake by 12.7% in the third quarter. waypoint wealth counsel now owns 3,494 shares of the company’s stock worth $788,000 after buying an additional 393 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Down 0.4%

SNOW opened at $221.97 on Wednesday. The business’s fifty day simple moving average is $244.94 and its 200 day simple moving average is $228.61. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07. The stock has a market cap of $75.96 billion, a PE ratio of -54.94 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.04. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.18 billion. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The company’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $230.65, for a total value of $11,610,459.70. Following the completion of the sale, the director directly owned 32,756 shares in the company, valued at approximately $7,555,171.40. The trade was a 60.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 200,000 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $221.83, for a total transaction of $44,366,000.00. Following the completion of the sale, the director directly owned 50,329 shares of the company’s stock, valued at $11,164,482.07. This trade represents a 79.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 401,880 shares of company stock worth $93,291,032. 6.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on SNOW. Morgan Stanley boosted their price objective on shares of Snowflake from $272.00 to $299.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Mizuho boosted their price target on shares of Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Snowflake in a report on Wednesday, October 8th. Rosenblatt Securities increased their price objective on Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Finally, Citigroup reduced their target price on Snowflake from $310.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Two 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $275.32.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.