Asahi Life Asset Management CO. LTD. Buys Shares of 2,040 Snowflake Inc. $SNOW

Asahi Life Asset Management CO. LTD. bought a new stake in Snowflake Inc. (NYSE:SNOW) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,040 shares of the company’s stock, valued at approximately $456,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EFG Asset Management North America Corp. lifted its holdings in Snowflake by 36.9% in the 2nd quarter. EFG Asset Management North America Corp. now owns 21,586 shares of the company’s stock valued at $4,827,000 after purchasing an additional 5,823 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Snowflake by 101.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,316 shares of the company’s stock valued at $295,000 after purchasing an additional 662 shares in the last quarter. Axim Planning & Wealth purchased a new position in Snowflake in the 2nd quarter valued at about $213,000. Moors & Cabot Inc. lifted its holdings in Snowflake by 13.7% in the 2nd quarter. Moors & Cabot Inc. now owns 2,388 shares of the company’s stock valued at $534,000 after purchasing an additional 288 shares in the last quarter. Finally, Fourth Dimension Wealth LLC lifted its holdings in Snowflake by 16.7% in the 2nd quarter. Fourth Dimension Wealth LLC now owns 1,020 shares of the company’s stock valued at $228,000 after purchasing an additional 146 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Down 0.2%

SNOW opened at $264.93 on Thursday. The firm has a 50 day moving average price of $239.59 and a 200 day moving average price of $213.31. The company has a market cap of $89.76 billion, a PE ratio of -63.84 and a beta of 1.23. Snowflake Inc. has a 1 year low of $118.80 and a 1 year high of $280.67. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. Sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 2,976 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $236.01, for a total value of $702,365.76. Following the completion of the sale, the director owned 34,436 shares of the company’s stock, valued at $8,127,240.36. This trade represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $277.73, for a total transaction of $2,777,300.00. Following the completion of the sale, the executive vice president directly owned 522,450 shares of the company’s stock, valued at $145,100,038.50. This trade represents a 1.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 880,647 shares of company stock worth $203,522,973 over the last three months. Insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SNOW shares. UBS Group increased their price objective on shares of Snowflake from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Piper Sandler increased their price objective on shares of Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Stephens started coverage on shares of Snowflake in a report on Friday, July 18th. They set an “overweight” rating and a $261.00 price objective on the stock. Bank of America upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $220.00 to $240.00 in a report on Wednesday, August 20th. Finally, Canaccord Genuity Group increased their price objective on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus price target of $258.95.

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.