Joule Financial LLC Boosts Stake in Snowflake Inc. $SNOW

Joule Financial LLC grew its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 61.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,860 shares of the company’s stock after acquiring an additional 2,990 shares during the period. Snowflake comprises about 0.5% of Joule Financial LLC’s investment portfolio, making the stock its 24th biggest holding. Joule Financial LLC’s holdings in Snowflake were worth $1,773,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in Snowflake by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company’s stock valued at $165,123,000 after purchasing an additional 8,002 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake in the second quarter valued at $6,845,000. Rheos Capital Works Inc. increased its holdings in shares of Snowflake by 102.9% in the third quarter. Rheos Capital Works Inc. now owns 207,000 shares of the company’s stock valued at $46,689,000 after buying an additional 105,000 shares in the last quarter. Goldstream Capital Management Ltd acquired a new stake in shares of Snowflake during the 2nd quarter valued at $3,801,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in shares of Snowflake by 81.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 20,141 shares of the company’s stock worth $4,507,000 after acquiring an additional 9,052 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. Barclays reaffirmed an “equal weight” rating and set a $250.00 target price (down from $290.00) on shares of Snowflake in a research report on Monday, January 12th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. The Goldman Sachs Group set a $286.00 price target on shares of Snowflake in a report on Monday, January 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $299.00 price objective on shares of Snowflake in a research note on Tuesday. Finally, Wedbush restated an “outperform” rating and issued a $270.00 target price on shares of Snowflake in a report on Thursday, December 4th. Two 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $275.58.

Snowflake Trading Up 1.6%

Snowflake stock opened at $216.14 on Thursday. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.07. The stock has a market cap of $73.96 billion, a P/E ratio of -53.50 and a beta of 1.14. The company’s fifty day simple moving average is $225.08 and its 200-day simple moving average is $228.25.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at $127,871,648.50. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $220.44, for a total value of $2,601,412.44. Following the completion of the sale, the senior vice president directly owned 218,020 shares of the company’s stock, valued at $48,060,328.80. This represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 618,681 shares of company stock worth $137,427,145. Company insiders own 6.80% of the company’s stock.

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.