Argus Investors Counsel Inc. Makes New Investment in Snowflake Inc. $SNOW

Argus Investors Counsel Inc. purchased a new position in shares of Snowflake Inc. (NYSE:SNOW) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 6,610 shares of the company’s stock, valued at approximately $997,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SNOW. 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 worth $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock worth $1,637,000 after acquiring an additional 2,167 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock worth $47,000 after buying an additional 73 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of Snowflake during the second quarter worth $221,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Snowflake by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock valued at $5,055,000 after purchasing an additional 1,521 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Frank Slootman sold 437,076 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the completion of the sale, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the sale, the director owned 28,556 shares of the company’s stock, valued at $4,043,529.60. This trade represents a 63.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,748,087 shares of company stock valued at $407,831,514 in the last quarter. Company insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. KeyCorp set a $295.00 price target on shares of Snowflake in a research note on Thursday, May 28th. TD Cowen restated a “buy” rating and set a $300.00 target price on shares of Snowflake in a report on Wednesday, June 3rd. Canaccord Genuity Group raised their target price on shares of Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Benchmark lifted their price target on shares of Snowflake from $200.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Wedbush boosted their price target on shares of Snowflake from $270.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $293.53.

Snowflake Trading Down 0.2%

NYSE SNOW opened at $259.67 on Monday. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The stock has a 50 day moving average of $202.78 and a 200-day moving average of $190.28. The company has a market cap of $90.00 billion, a PE ratio of -73.77 and a beta of 1.35.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business 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 company earned $0.24 earnings per share. The firm’s revenue for the quarter was up 33.5% on a year-over-year basis. On average, equities research analysts anticipate that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

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.