EFG Asset Management North America Corp. Has $6.24 Million Stock Position in Snowflake Inc. $SNOW

EFG Asset Management North America Corp. boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 28.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,643 shares of the company’s stock after purchasing an additional 6,057 shares during the quarter. Snowflake accounts for approximately 0.8% of EFG Asset Management North America Corp.’s holdings, making the stock its 28th biggest position. EFG Asset Management North America Corp.’s holdings in Snowflake were worth $6,236,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after buying an additional 29,320 shares during the last quarter. Intech Investment Management LLC increased its stake in Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after acquiring an additional 2,167 shares during the period. Geneos Wealth Management Inc. raised its holdings in Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Snowflake by 15.3% in the 2nd quarter. GAMMA Investing LLC now owns 914 shares of the company’s stock worth $205,000 after acquiring an additional 121 shares during the period. Finally, Fifth Third Bancorp grew its holdings in shares of Snowflake by 224.8% during the 2nd quarter. Fifth Third Bancorp now owns 354 shares of the company’s stock worth $79,000 after purchasing an additional 245 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on SNOW shares. Raymond James Financial set a $250.00 target price on Snowflake in a research note on Monday, December 15th. Canaccord Genuity Group boosted their price target on shares of Snowflake from $260.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, December 4th. Morgan Stanley increased 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. KeyCorp raised their price objective on shares of Snowflake from $275.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. Finally, Monness Crespi & Hardt upped their target price on shares of Snowflake from $260.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.58.

Snowflake Stock Up 0.7%

SNOW opened at $211.24 on Tuesday. The firm has a market cap of $72.29 billion, a price-to-earnings ratio of -52.29 and a beta of 1.14. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The firm’s 50-day simple moving average is $226.66 and its 200-day simple moving average is $228.32. Snowflake Inc. has a twelve month low of $120.10 and a twelve month high of $280.67.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The firm 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 45.91%. The company’s revenue for the quarter was up 28.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. Equities research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the sale, the director directly owned 32,756 shares in the company, valued at $7,555,171.40. This represents a 60.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 200,000 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $221.83, for a total value of $44,366,000.00. Following the sale, the director directly owned 50,329 shares of the company’s stock, valued at $11,164,482.07. This represents a 79.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 618,681 shares of company stock valued at $137,427,145 over the last quarter. 6.80% of the stock is owned by insiders.

About Snowflake

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.