Mach 1 Financial Group LLC Invests $754,000 in Snowflake Inc. (NYSE:SNOW)

Mach 1 Financial Group LLC acquired a new position in Snowflake Inc. (NYSE:SNOW) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,788 shares of the company’s stock, valued at approximately $754,000.

Other institutional investors have also recently modified their holdings of the company. FMR LLC grew its holdings in Snowflake by 32.1% during the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after acquiring an additional 1,496,235 shares during the period. Winslow Capital Management LLC acquired a new stake in Snowflake in the third quarter valued at approximately $226,302,000. Vanguard Group Inc. grew its holdings in Snowflake by 4.0% in the third quarter. Vanguard Group Inc. now owns 19,428,890 shares of the company’s stock valued at $2,968,152,000 after purchasing an additional 743,211 shares during the period. Wellington Management Group LLP grew its holdings in Snowflake by 69.9% in the third quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock valued at $231,481,000 after purchasing an additional 623,277 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in Snowflake by 19,321.5% in the fourth quarter. International Assets Investment Management LLC now owns 508,843 shares of the company’s stock valued at $101,260,000 after purchasing an additional 506,223 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of SNOW stock traded down $2.28 during trading hours on Tuesday, reaching $155.16. 4,011,604 shares of the company’s stock were exchanged, compared to its average volume of 6,482,611. The company has a market cap of $51.85 billion, a P/E ratio of -60.85 and a beta of 0.91. The company’s 50 day moving average is $167.16 and its two-hundred day moving average is $179.13. Snowflake Inc. has a 1 year low of $138.40 and a 1 year high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. As a group, analysts predict that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other news, CRO Christopher William Degnan sold 12,533 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $200.04, for a total transaction of $2,507,101.32. Following the sale, the executive now owns 98,172 shares in the company, valued at $19,638,326.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Christopher William Degnan sold 12,533 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $200.04, for a total transaction of $2,507,101.32. Following the sale, the executive now owns 98,172 shares in the company, valued at $19,638,326.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $230.00, for a total value of $2,300,000.00. Following the sale, the senior vice president now owns 726,567 shares in the company, valued at approximately $167,110,410. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,209 shares of company stock worth $34,291,592. 8.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SNOW shares. StockNews.com raised Snowflake from a “sell” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. reduced their price objective on Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Guggenheim upgraded Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. Needham & Company LLC reduced their target price on Snowflake from $265.00 to $240.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. Finally, UBS Group lifted their target price on Snowflake from $185.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average price target of $202.00.

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.