Elkhorn Partners Limited Partnership Invests $226,000 in Snowflake Inc. (NYSE:SNOW)

Elkhorn Partners Limited Partnership acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,400 shares of the company’s stock, valued at approximately $226,000.

Other hedge funds also recently made changes to their positions in the company. Accent Capital Management LLC bought a new stake in Snowflake during the 4th quarter worth approximately $25,000. LRI Investments LLC bought a new position in Snowflake during the first quarter worth $29,000. Riverview Trust Co acquired a new stake in Snowflake in the first quarter valued at approximately $31,000. Hartford Financial Management Inc. acquired a new position in shares of Snowflake during the first quarter valued at about $32,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Snowflake during the 1st quarter worth approximately $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Snowflake news, CRO Christopher William Degnan sold 12,782 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $156.56, for a total value of $2,001,149.92. Following the transaction, the executive now directly owns 354,954 shares of the company’s stock, valued at approximately $55,571,598.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $2,144,700.00. Following the transaction, the executive vice president now owns 733,773 shares of the company’s stock, valued at $104,914,863.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total value of $2,001,149.92. Following the transaction, the executive now directly owns 354,954 shares in the company, valued at approximately $55,571,598.24. The disclosure for this sale can be found here. Insiders sold 533,460 shares of company stock worth $66,963,450 over the last three months. Insiders own 7.80% of the company’s stock.

Snowflake Trading Down 0.5 %

NYSE:SNOW traded down $0.68 during trading hours on Tuesday, reaching $128.89. 6,451,955 shares of the company were exchanged, compared to its average volume of 6,447,764. The stock’s 50-day moving average is $135.57 and its 200-day moving average is $163.73. Snowflake Inc. has a twelve month low of $122.60 and a twelve month high of $237.72. The firm has a market cap of $43.15 billion, a PE ratio of -46.03 and a beta of 0.85.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The firm had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. As a group, research analysts anticipate that Snowflake Inc. will post -2.28 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Piper Sandler decreased their target price on Snowflake from $240.00 to $165.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. UBS Group upped their price objective on shares of Snowflake from $185.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, May 23rd. Bank of America reiterated a “neutral” rating and set a $200.00 price target on shares of Snowflake in a research report on Wednesday, June 12th. Royal Bank of Canada cut their target price on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a report on Wednesday, June 5th. Finally, StockNews.com lowered Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

Snowflake 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.