Jupiter Asset Management Ltd. Purchases New Stake in Snowflake Inc. (NYSE:SNOW)

Jupiter Asset Management Ltd. purchased a new stake in Snowflake Inc. (NYSE:SNOW) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 6,392 shares of the company’s stock, valued at approximately $1,932,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its holdings in Snowflake by 44.3% in the second quarter. Commonwealth Equity Services LLC now owns 38,581 shares of the company’s stock valued at $9,328,000 after acquiring an additional 11,848 shares in the last quarter. Allen Investment Management LLC bought a new stake in Snowflake during the second quarter valued at $46,856,000. Meridian Wealth Management LLC bought a new stake in Snowflake during the third quarter valued at $2,506,000. Atom Investors LP bought a new stake in Snowflake during the second quarter valued at $2,774,000. Finally, State of New Jersey Common Pension Fund D increased its stake in Snowflake by 614.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 113,882 shares of the company’s stock valued at $34,441,000 after purchasing an additional 97,935 shares during the last quarter. 66.93% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CRO Christopher William Degnan sold 12,781 shares of the stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $401.77, for a total value of $5,135,022.37. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark Garrett sold 3,187 shares of the stock in a transaction that occurred on Wednesday, October 27th. The stock was sold at an average price of $348.00, for a total value of $1,109,076.00. The disclosure for this sale can be found here. Insiders sold 2,152,392 shares of company stock worth $749,422,907 in the last 90 days. 11.30% of the stock is currently owned by corporate insiders.

Several research firms have weighed in on SNOW. Truist boosted their target price on shares of Snowflake from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 2nd. Morgan Stanley boosted their target price on shares of Snowflake from $295.00 to $344.00 and gave the company an “equal weight” rating in a research note on Friday, December 3rd. Credit Suisse Group boosted their target price on shares of Snowflake from $455.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, December 6th. Truist Securities upped their price target on shares of Snowflake from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, December 2nd. Finally, Citigroup upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and upped their price target for the stock from $299.00 to $470.00 in a research report on Thursday, December 2nd. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $365.03.

Shares of SNOW opened at $289.59 on Friday. The company has a market capitalization of $88.70 billion, a price-to-earnings ratio of -113.56 and a beta of 1.52. Snowflake Inc. has a fifty-two week low of $184.71 and a fifty-two week high of $405.00. The business’s 50-day moving average is $347.27 and its 200-day moving average is $314.42.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 1st. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.10. The company had revenue of $334.44 million for the quarter, compared to the consensus estimate of $306.13 million. Snowflake had a negative return on equity of 14.91% and a negative net margin of 72.78%. The firm’s quarterly revenue was up 109.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.00) EPS. On average, equities analysts predict that Snowflake Inc. will post -2.04 earnings per share for the current year.

Snowflake Profile

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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