Connor Clark & Lunn Investment Management Ltd. Acquires 30,122 Shares of Snowflake Inc. $SNOW

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Snowflake Inc. (NYSE:SNOW) by 164.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 48,484 shares of the company’s stock after purchasing an additional 30,122 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Snowflake were worth $10,849,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in SNOW. Capital Advantage Inc. increased its stake in shares of Snowflake by 1.1% in the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after buying an additional 48 shares in the last quarter. Wedbush Securities Inc. increased its position in Snowflake by 1.3% in the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock valued at $832,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth increased its position in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares in the last quarter. Ignite Planners LLC raised its stake in shares of Snowflake by 2.3% in the first quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock worth $418,000 after acquiring an additional 64 shares during the last quarter. Finally, Koshinski Asset Management Inc. lifted its position in shares of Snowflake by 4.2% during the second quarter. Koshinski Asset Management Inc. now owns 1,604 shares of the company’s stock worth $359,000 after purchasing an additional 64 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SNOW. UBS Group raised their price target on shares of Snowflake from $285.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of Snowflake in a research note on Friday, October 17th. Wells Fargo & Company began coverage on Snowflake in a research note on Tuesday, September 30th. They set an “overweight” rating and a $275.00 price target on the stock. Stephens assumed coverage on Snowflake in a research report on Friday, July 18th. They issued an “overweight” rating and a $261.00 price objective for the company. Finally, Barclays boosted their price objective on Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $258.95.

Snowflake Stock Up 1.0%

Shares of Snowflake stock opened at $271.16 on Wednesday. The company has a market capitalization of $91.87 billion, a P/E ratio of -65.34 and a beta of 1.23. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The business has a 50-day moving average of $241.91 and a two-hundred day moving average of $217.11. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the firm earned $0.18 EPS. Snowflake’s quarterly revenue was up 31.8% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $257.29, for a total transaction of $103,687.87. Following the completion of the transaction, the director owned 24,927 shares of the company’s stock, valued at $6,413,467.83. This represents a 1.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 931,388 shares of company stock worth $216,578,628 over the last three months. Corporate insiders own 6.80% of the company’s stock.

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.