CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 6,000 Shares of Snowflake Inc. $SNOW

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 26.1% during the first quarter, HoldingsChannel reports. The firm owned 29,000 shares of the company’s stock after buying an additional 6,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Snowflake were worth $4,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Kemnay Advisory Services Inc. bought a new stake in shares of Snowflake in the fourth quarter worth approximately $28,000. Greenline Wealth Management LLC bought a new stake in Snowflake in the 4th quarter worth approximately $29,000. GoalVest Advisory LLC grew its position in Snowflake by 221.4% in the 4th quarter. GoalVest Advisory LLC now owns 135 shares of the company’s stock worth $30,000 after purchasing an additional 93 shares during the period. Physician Wealth Advisors Inc. raised its stake in Snowflake by 56.0% during the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after buying an additional 51 shares during the last quarter. Finally, MV Capital Management Inc. purchased a new stake in Snowflake during the 4th quarter valued at $32,000. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Down 0.2%

NYSE:SNOW opened at $259.67 on Monday. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99. The business has a fifty day moving average price of $202.78 and a 200-day moving average price of $190.28. The firm has a market capitalization of $90.00 billion, a price-to-earnings ratio of -73.77 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business earned $0.24 earnings per share. Snowflake’s quarterly revenue was up 33.5% compared to the same quarter last year. Sell-side analysts forecast that Snowflake Inc. will post -1.87 EPS for the current year.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the transaction, the director directly owned 28,556 shares of the company’s stock, valued at $4,043,529.60. The trade was a 63.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,748,087 shares of company stock valued at $407,831,514 over the last quarter. 4.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SNOW has been the topic of a number of research reports. Scotiabank raised their price target on Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 8th. Deutsche Bank Aktiengesellschaft upped their price objective on Snowflake from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. raised their target price on Snowflake from $245.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. The Goldman Sachs Group raised their target price on Snowflake from $216.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $275.00 price target on shares of Snowflake in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $293.53.

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.