Clear Street Group Inc. Raises Stock Holdings in Snowflake Inc. $SNOW

Clear Street Group Inc. boosted its holdings in Snowflake Inc. (NYSE:SNOW) by 136.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 149,037 shares of the company’s stock after acquiring an additional 86,051 shares during the period. Clear Street Group Inc.’s holdings in Snowflake were worth $32,693,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in SNOW. Brighton Jones LLC grew its stake in shares of Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the period. Intech Investment Management LLC grew its stake in shares of Snowflake by 24.0% during the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after purchasing an additional 2,167 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC bought a new stake in shares of Snowflake during the 2nd quarter valued at about $221,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Snowflake by 7.2% during 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 currently owned by institutional investors.

Insider Activity at Snowflake

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director directly owned 8,801 shares in the company, valued at $2,200,250. This represents a 91.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $148.21, for a total value of $7,460,594.98. Following the completion of the transaction, the director owned 29,396 shares of the company’s stock, valued at $4,356,781.16. The trade was a 63.13% 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 ninety days, insiders sold 1,589,550 shares of company stock worth $359,438,410. 4.80% of the stock is owned by company insiders.

Snowflake Trading Down 3.3%

Shares of NYSE:SNOW opened at $232.38 on Friday. The stock has a 50 day moving average of $173.64 and a 200 day moving average of $190.21. The company has a market cap of $80.54 billion, a PE ratio of -66.02 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm’s revenue was up 33.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. As a group, equities research analysts expect that Snowflake Inc. will post -1.87 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Evercore set a $200.00 price target on Snowflake in a research note on Tuesday, April 14th. Weiss Ratings downgraded Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. Oppenheimer boosted their price target on Snowflake from $250.00 to $295.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Finally, Raymond James Financial restated an “outperform” rating and set a $275.00 price target on shares of Snowflake in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $291.77.

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.