Pallas Capital Advisors LLC Increases Position in Snowflake Inc. (NYSE:SNOW)

Pallas Capital Advisors LLC boosted its holdings in Snowflake Inc. (NYSE:SNOW) by 311.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,519 shares of the company’s stock after acquiring an additional 4,178 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Snowflake were worth $717,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in SNOW. Accent Capital Management LLC acquired a new position in shares of Snowflake in the 4th quarter valued at about $25,000. LRI Investments LLC purchased a new stake in shares of Snowflake during the 1st quarter valued at about $29,000. FinTrust Capital Advisors LLC raised its holdings in shares of Snowflake by 193.9% during the 4th quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock valued at $39,000 after buying an additional 128 shares during the period. Riverview Trust Co purchased a new stake in shares of Snowflake during the 1st quarter valued at about $31,000. Finally, Hartford Financial Management Inc. purchased a new stake in shares of Snowflake during the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 1.4 %

SNOW stock traded up $1.84 during midday trading on Wednesday, reaching $133.76. The company had a trading volume of 1,718,540 shares, compared to its average volume of 6,327,501. Snowflake Inc. has a 1 year low of $107.93 and a 1 year high of $237.72. The company has a market capitalization of $44.78 billion, a P/E ratio of -47.11 and a beta of 0.85. The company has a 50 day moving average of $130.08 and a two-hundred day moving average of $155.73.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to the consensus estimate of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.31 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now owns 63,222 shares in the company, valued at approximately $8,112,014.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the executive vice president now owns 718,773 shares of the company’s stock, valued at $86,252,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 558 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total value of $71,596.98. Following the sale, the insider now directly owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. In the last three months, insiders sold 534,178 shares of company stock valued at $66,520,575. Company insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Barclays dropped their price objective on Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a report on Monday. Sanford C. Bernstein lifted their target price on Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research report on Thursday, May 23rd. Stifel Nicolaus decreased their target price on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday. Oppenheimer reiterated an “outperform” rating and issued a $220.00 target price on shares of Snowflake in a research report on Thursday, May 23rd. Finally, Canaccord Genuity Group reduced their price objective on Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $187.03.

About Snowflake

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.