Balentine LLC Raises Stake in Snowflake Inc. (NYSE:SNOW)

Balentine LLC lifted its position in shares of Snowflake Inc. (NYSE:SNOW) by 36.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,556 shares of the company’s stock after purchasing an additional 682 shares during the quarter. Balentine LLC’s holdings in Snowflake were worth $509,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cigna Investments Inc. New boosted its stake in shares of Snowflake by 1.6% during the 4th quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock valued at $656,000 after buying an additional 51 shares during the last quarter. E&G Advisors LP boosted its stake in shares of Snowflake by 3.0% during the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock valued at $352,000 after buying an additional 51 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Snowflake by 34.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock valued at $40,000 after buying an additional 52 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Snowflake by 18.1% during the 4th quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock valued at $68,000 after acquiring an additional 53 shares in the last quarter. Finally, AdvisorNet Financial Inc raised its position in shares of Snowflake by 5.8% during the 4th quarter. AdvisorNet Financial Inc now owns 1,106 shares of the company’s stock valued at $220,000 after acquiring an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

SNOW opened at $162.71 on Wednesday. The company has a market cap of $54.38 billion, a PE ratio of -63.79 and a beta of 0.90. The stock has a 50-day moving average of $157.11 and a 200-day moving average of $180.38. Snowflake Inc. has a 52-week low of $138.40 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The firm had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. On average, research analysts predict that Snowflake Inc. will post -1.83 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, EVP Grzegorz Czajkowski sold 683 shares of Snowflake stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $110,249.86. Following the sale, the executive vice president now owns 86,208 shares of the company’s stock, valued at approximately $13,915,695.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Benoit Dageville sold 689 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the transaction, the insider now owns 70,665 shares in the company, valued at approximately $11,406,744.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Grzegorz Czajkowski sold 683 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the transaction, the executive vice president now owns 86,208 shares of the company’s stock, valued at approximately $13,915,695.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,380 shares of company stock valued at $9,803,625. 8.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on SNOW. Piper Sandler reiterated an “overweight” rating and issued a $250.00 target price on shares of Snowflake in a research note on Tuesday, February 27th. Bank of America dropped their price target on shares of Snowflake from $212.00 to $200.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 15th. BNP Paribas upgraded Snowflake from a “neutral” rating to an “outperform” rating and set a $200.00 price objective for the company in a research report on Thursday, May 2nd. Redburn Atlantic restated a “sell” rating and issued a $125.00 target price (down from $180.00) on shares of Snowflake in a research report on Tuesday, March 19th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $230.00 price target on shares of Snowflake in a research report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $201.69.

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.