Elkhorn Partners Limited Partnership Boosts Holdings in Snowflake Inc. (NYSE:SNOW)

Elkhorn Partners Limited Partnership boosted its position in shares of Snowflake Inc. (NYSE:SNOW) by 228.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,600 shares of the company’s stock after buying an additional 3,200 shares during the quarter. Snowflake accounts for approximately 0.4% of Elkhorn Partners Limited Partnership’s investment portfolio, making the stock its 13th largest position. Elkhorn Partners Limited Partnership’s holdings in Snowflake were worth $621,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of SNOW. Commerce Bank lifted its position in shares of Snowflake by 0.8% during the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after purchasing an additional 51 shares during the last quarter. Park Avenue Securities LLC lifted its position in shares of Snowflake by 0.5% during the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after purchasing an additional 70 shares during the last quarter. Covestor Ltd lifted its position in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the last quarter. IAM Advisory LLC raised its holdings in shares of Snowflake by 2.0% in the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after acquiring an additional 74 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC raised its holdings in shares of Snowflake by 2.6% in the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after acquiring an additional 75 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Performance

NYSE:SNOW opened at $111.62 on Wednesday. The company has a fifty day moving average of $122.40 and a two-hundred day moving average of $140.42. The stock has a market capitalization of $37.42 billion, a PE ratio of -39.86 and a beta of 0.83. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.52) earnings per share. Research analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the sale, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the sale, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. Insiders sold 512,262 shares of company stock valued at $63,340,261 over the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNOW has been the subject of several analyst reports. JMP Securities decreased their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research report on Thursday, August 22nd. Sanford C. Bernstein increased their price target on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research report on Thursday, May 23rd. Wells Fargo & Company decreased their price target on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Barclays decreased their price target on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, Royal Bank of Canada decreased their price target on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research report on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Company 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.