Independence Bank of Kentucky Has $2 Million Position in Snowflake Inc. $SNOW

Independence Bank of Kentucky raised its holdings in Snowflake Inc. (NYSE:SNOW) by 76.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 13,291 shares of the company’s stock after purchasing an additional 5,776 shares during the period. Independence Bank of Kentucky’s holdings in Snowflake were worth $2,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Snowflake Price Performance

Shares of NYSE SNOW traded down $5.92 during trading on Friday, reaching $261.56. The company had a trading volume of 4,139,738 shares, compared to its average volume of 6,159,552. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The business’s 50 day moving average price is $214.78 and its 200-day moving average price is $191.99. The stock has a market cap of $90.66 billion, a PE ratio of -74.31 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business posted $0.24 earnings per share. Snowflake’s revenue for the quarter was up 33.5% compared to the same quarter last year. Analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

SNOW has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on Snowflake from $220.00 to $284.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. The Goldman Sachs Group upped their price target on Snowflake from $216.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Morgan Stanley lifted their price objective on Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. HSBC set a $289.00 target price on shares of Snowflake and gave the company a “buy” rating in a research note on Friday, May 29th. Finally, BTIG Research upped their target price on shares of Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $293.53.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 2,500 shares of Snowflake stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $258.56, for a total value of $646,400.00. Following the completion of the sale, the executive vice president directly owned 397,879 shares in the company, valued at $102,875,594.24. This trade represents a 0.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 99,900 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $251.73, for a total value of $25,147,827.00. Following the sale, the director directly owned 28,535 shares of the company’s stock, valued at $7,183,115.55. This represents a 77.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is currently owned by company insiders.

Snowflake Company 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.