Fulcrum Asset Management LLP Makes New Investment in Snowflake Inc. $SNOW

Fulcrum Asset Management LLP purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 4,858 shares of the company’s stock, valued at approximately $1,605,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Reyes Financial Architecture Inc. bought a new position in Snowflake during the 3rd quarter worth about $32,000. Mather Group LLC. increased its position in Snowflake by 98.0% during the 3rd quarter. Mather Group LLC. now owns 101 shares of the company’s stock valued at $34,000 after purchasing an additional 50 shares during the period. Ninety One UK Ltd bought a new stake in shares of Snowflake in the 3rd quarter valued at about $36,000. Fortitude Family Office LLC raised its holdings in shares of Snowflake by 146.7% in the 3rd quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock valued at $38,000 after purchasing an additional 66 shares in the last quarter. Finally, GK Wealth Management LLC bought a new stake in shares of Snowflake in the 3rd quarter valued at about $41,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Up 1.7%

Shares of Snowflake stock opened at $295.95 on Wednesday. The firm’s 50 day moving average price is $326.53 and its 200-day moving average price is $242.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $384.56. The company has a market cap of $104.41 billion, a P/E ratio of -93.07 and a beta of 1.32.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.17. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. Snowflake’s revenue for the quarter was up 35.1% compared to the same quarter last year. On average, sell-side analysts predict that Snowflake Inc. will post -1.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNOW. Argus upped their price target on shares of Snowflake from $300.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, September 4th. Bank of America lifted their price objective on shares of Snowflake from $330.00 to $395.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Evercore reissued an “outperform” rating and issued a $430.00 price objective on shares of Snowflake in a research note on Thursday, September 3rd. Needham & Company LLC restated a “buy” rating and set a $450.00 target price on shares of Snowflake in a report on Monday, October 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $450.00 target price (up from $320.00) on shares of Snowflake in a research report on Thursday, September 3rd. Thirty-six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $413.87.

Trending Headlines about Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Supply-chain software provider project44 is using Snowflake to turn supply-chain data into AI-powered decisions, offering a customer example of the platform’s AI use cases. Article: project44 Turns Supply Chain Data Into AI-Powered Decisions with Snowflake
• Positive Sentiment: A fund with about $4.7 billion under management reported a new Snowflake stake in its latest 13F filing. The disclosure may signal institutional interest, though the position was reported as of June 30. Article: A $4.7 Billion Fund Bought These 3 Stocks
• Neutral Sentiment: Snowflake shares advanced even as the market declined, but the market recap offered no specific explanation for the outperformance. Article: Why the Market Dipped But Snowflake Gained
• Negative Sentiment: Director Michael Speiser reported selling Snowflake shares on Nov. 6, including a large sale. The transactions were made under a pre-arranged Rule 10b5-1 plan, which can make the sales less indicative of a fresh view on the company.
• Negative Sentiment: Snowflake remains more than 20% below its September high, and investors will look to its Dec. 2 earnings report for evidence that AI-related growth is holding up. Commentary also flags its lack of consistent profitability and high valuation as risks. Article: Snowflake Is 20% Off Its September High

Insider Activity

In other news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $353.87, for a total transaction of $17,813,108.06. Following the completion of the sale, the director owned 25,196 shares in the company, valued at approximately $8,916,108.52. This represents a 66.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 50,000 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $350.00, for a total value of $17,500,000.00. Following the completion of the sale, the director directly owned 10,074 shares of the company’s stock, valued at $3,525,900. The trade was a 83.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,186,443 shares of company stock valued at $387,734,752 over the last three months. Company insiders own 4.80% of the company’s stock.

About Snowflake

Snowflake Inc. provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services. Snowflake’s platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.