Westfield Capital Management Co. LP Takes $83.61 Million Position in Snowflake Inc. $SNOW

Westfield Capital Management Co. LP bought a new position in Snowflake Inc. (NYSE:SNOW) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 373,623 shares of the company’s stock, valued at approximately $83,606,000.

A number of other large investors also recently modified their holdings of the stock. Brighton Jones LLC raised its position in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after buying an additional 29,320 shares during the last quarter. Kingsview Wealth Management LLC lifted its position in shares of Snowflake by 13.4% during the first quarter. Kingsview Wealth Management LLC now owns 2,767 shares of the company’s stock valued at $404,000 after purchasing an additional 326 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Snowflake by 7.2% during the first quarter. Private Advisor Group LLC now owns 25,041 shares of the company’s stock worth $3,660,000 after purchasing an additional 1,678 shares during the last quarter. Kestra Private Wealth Services LLC grew its position in Snowflake by 38.8% in the 1st quarter. Kestra Private Wealth Services LLC now owns 7,048 shares of the company’s stock worth $1,030,000 after purchasing an additional 1,969 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Snowflake by 96.6% in the 1st quarter. IFP Advisors Inc now owns 9,572 shares of the company’s stock valued at $1,399,000 after buying an additional 4,703 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of research analyst reports. Wells Fargo & Company began coverage on Snowflake in a research note on Tuesday, September 30th. They issued an “overweight” rating and a $275.00 target price on the stock. Raymond James Financial boosted their price objective on Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Guggenheim restated a “neutral” rating on shares of Snowflake in a research note on Thursday, August 28th. Evercore ISI lifted their target price on Snowflake from $240.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Finally, Monness Crespi & Hardt boosted their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.39.

Snowflake Price Performance

Shares of NYSE SNOW opened at $261.90 on Thursday. Snowflake Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $280.67. The stock has a market cap of $88.73 billion, a PE ratio of -62.75 and a beta of 1.23. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a fifty day moving average of $245.71 and a 200-day moving average of $220.71.

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

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.85, for a total value of $11,318,499.30. Following the sale, the director owned 35,276 shares of the company’s stock, valued at $7,931,808.60. This trade represents a 58.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the business’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. The trade was a 4.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 931,388 shares of company stock valued at $216,578,628 over the last 90 days. 6.80% of the stock is owned by 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.