Rakuten Investment Management Inc. Makes New Investment in Snowflake Inc. $SNOW

Rakuten Investment Management Inc. purchased a new stake in Snowflake Inc. (NYSE:SNOW) during the third quarter, HoldingsChannel.com reports. The fund purchased 202,453 shares of the company’s stock, valued at approximately $45,663,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Trust Co. of Toledo NA OH bought a new stake in Snowflake in the 2nd quarter valued at $25,000. Grey Fox Wealth Advisors LLC acquired a new position in shares of Snowflake during the third quarter worth about $25,000. Avion Wealth boosted its position in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after buying an additional 49 shares during the period. Tripletail Wealth Management LLC bought a new position in shares of Snowflake during the third quarter worth about $28,000. Finally, Rossby Financial LCC raised its position in Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 127 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW stock opened at $206.06 on Wednesday. The company has a fifty day moving average price of $230.62 and a two-hundred day moving average price of $228.64. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The stock has a market cap of $70.51 billion, a P/E ratio of -51.00 and a beta of 1.14. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. Snowflake’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 EPS. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on SNOW shares. Macquarie upped their price target on Snowflake from $235.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, December 4th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research report on Wednesday, November 26th. Cowen reaffirmed a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. Morgan Stanley lifted their price target on shares of Snowflake from $272.00 to $299.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Finally, Wells Fargo & Company increased their price objective on shares of Snowflake from $275.00 to $290.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $275.58.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the sale, the executive vice president owned 512,450 shares in the company, valued at approximately $127,871,648.50. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the transaction, the director directly owned 32,756 shares of the company’s stock, valued at approximately $7,555,171.40. This trade represents a 60.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 418,681 shares of company stock valued at $96,073,145 over the last 90 days. 6.80% of the stock is owned by insiders.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.