Cache Advisors LLC Takes Position in Snowflake Inc. (NYSE:SNOW)

Cache Advisors LLC purchased a new position in Snowflake Inc. (NYSE:SNOW) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 24,066 shares of the company’s stock, valued at approximately $3,716,000. Snowflake makes up about 1.4% of Cache Advisors LLC’s holdings, making the stock its 15th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Prospect Financial Services LLC purchased a new stake in Snowflake in the 4th quarter valued at $288,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Snowflake by 1.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company’s stock valued at $104,028,000 after purchasing an additional 8,857 shares during the period. Stephens Consulting LLC increased its position in Snowflake by 7,407.4% during the fourth quarter. Stephens Consulting LLC now owns 2,027 shares of the company’s stock worth $313,000 after purchasing an additional 2,000 shares during the last quarter. Kirtland Hills Capital Management LLC increased its position in Snowflake by 40.1% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 15,920 shares of the company’s stock worth $2,458,000 after purchasing an additional 4,559 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Snowflake by 455.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company’s stock worth $19,174,000 after purchasing an additional 101,806 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SNOW shares. Wall Street Zen upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a report on Friday, February 28th. JPMorgan Chase & Co. lifted their target price on Snowflake from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Thursday. Wolfe Research raised Snowflake from a “peer perform” rating to an “outperform” rating and set a $235.00 price target on the stock in a research note on Tuesday, February 18th. Truist Financial boosted their price objective on shares of Snowflake from $210.00 to $235.00 and gave the company a “buy” rating in a report on Thursday. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $232.00 target price (up previously from $200.00) on shares of Snowflake in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $217.33.

Snowflake Stock Down 1.6%

SNOW opened at $199.99 on Friday. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $205.40. The business has a 50-day moving average of $159.20 and a two-hundred day moving average of $163.56. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a market capitalization of $66.02 billion, a price-to-earnings ratio of -58.99 and a beta of 1.11.

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

Insider Transactions at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $168.01, for a total transaction of $67,708.03. Following the completion of the sale, the director now directly owns 25,972 shares in the company, valued at $4,363,555.72. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at approximately $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 356,963 shares of company stock worth $58,204,058 in the last ninety days. Insiders own 7.80% of the company’s stock.

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.