NBC Securities Inc. Increases Stake in Snowflake Inc. (NYSE:SNOW)

NBC Securities Inc. boosted its holdings in Snowflake Inc. (NYSE:SNOW) by 124,333.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,733 shares of the company’s stock after purchasing an additional 3,730 shares during the quarter. NBC Securities Inc.’s holdings in Snowflake were worth $545,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNOW. Brighton Jones LLC raised its stake in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Caprock Group LLC increased its position in shares of Snowflake by 5.5% in the fourth quarter. Caprock Group LLC now owns 4,036 shares of the company’s stock valued at $623,000 after buying an additional 211 shares in the last quarter. DAVENPORT & Co LLC purchased a new position in shares of Snowflake in the fourth quarter valued at $402,000. Avitas Wealth Management LLC purchased a new position in shares of Snowflake in the fourth quarter valued at $260,000. Finally, 1858 Wealth Management LLC purchased a new position in shares of Snowflake in the fourth quarter valued at $279,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SNOW. Stifel Nicolaus increased their target price on Snowflake from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Royal Bank of Canada raised their price objective on Snowflake from $236.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday. Jefferies Financial Group raised their target price on Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. Robert W. Baird raised their price objective on Snowflake from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, May 22nd. Finally, Wall Street Zen upgraded Snowflake from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $221.28.

Snowflake Trading Up 0.1%

Shares of SNOW opened at $209.44 on Thursday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $214.83. The firm has a market capitalization of $69.92 billion, a price-to-earnings ratio of -61.78 and a beta of 1.21. The stock’s 50-day moving average price is $166.87 and its 200 day moving average price is $168.02. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. As a group, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In related news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $205.67, for a total transaction of $2,056,700.00. Following the sale, the executive vice president now owns 570,632 shares of the company’s stock, valued at approximately $117,361,883.44. This trade represents a 1.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael Scarpelli sold 400,000 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 849,779 shares of company stock valued at $159,318,643 in the last 90 days. 6.80% of the stock is owned by company insiders.

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.