Canton Hathaway LLC Makes New Investment in Snowflake Inc. (NYSE:SNOW)

Canton Hathaway LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 317 shares of the company’s stock, valued at approximately $63,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Snowflake during the 4th quarter worth approximately $477,435,000. FMR LLC raised its stake in shares of Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after acquiring an additional 1,496,235 shares during the last quarter. Winslow Capital Management LLC bought a new position in shares of Snowflake during the third quarter valued at $226,302,000. Renaissance Technologies LLC bought a new position in shares of Snowflake during the first quarter valued at $176,499,000. Finally, Vanguard Group Inc. raised its stake in shares of Snowflake by 4.0% during the third quarter. Vanguard Group Inc. now owns 19,428,890 shares of the company’s stock valued at $2,968,152,000 after acquiring an additional 743,211 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

NYSE SNOW traded down $6.58 during trading on Monday, hitting $151.98. 5,877,186 shares of the company’s stock traded hands, compared to its average volume of 6,772,579. The stock has a fifty day moving average of $184.98 and a two-hundred day moving average of $179.48. Snowflake Inc. has a 12-month low of $135.26 and a 12-month high of $237.72. The firm has a market cap of $50.79 billion, a P/E ratio of -59.50 and a beta of 0.91.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The business had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. As a group, analysts expect that Snowflake Inc. will post -1.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the transaction, the insider now owns 55,216 shares of the company’s stock, valued at $8,627,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Frank Slootman sold 86,078 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the completion of the sale, the chief executive officer now owns 180,143 shares of the company’s stock, valued at $40,555,593.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the sale, the insider now directly owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The disclosure for this sale can be found here. Over the last quarter, insiders sold 180,555 shares of company stock valued at $36,918,917. Corporate insiders own 8.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup dropped their price target on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, March 4th. Monness Crespi & Hardt upgraded shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Monday, March 18th. Royal Bank of Canada dropped their target price on shares of Snowflake from $255.00 to $246.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Evercore ISI lowered their price objective on Snowflake from $250.00 to $225.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $175.00 price objective (down from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Company Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.