Federated Hermes Inc. Acquires Shares of 42,001 Snowflake Inc. (NYSE:SNOW)

Federated Hermes Inc. acquired a new stake in Snowflake Inc. (NYSE:SNOW) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 42,001 shares of the company’s stock, valued at approximately $8,358,000.

Other large investors also recently bought and sold shares of the company. Ulland Investment Advisors LLC grew its position in Snowflake by 270.0% in the third quarter. Ulland Investment Advisors LLC now owns 185 shares of the company’s stock valued at $28,000 after acquiring an additional 135 shares in the last quarter. Provence Wealth Management Group acquired a new stake in shares of Snowflake during the third quarter worth approximately $30,000. M&R Capital Management Inc. grew its position in shares of Snowflake by 100.0% during the fourth quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock worth $40,000 after buying an additional 100 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of Snowflake by 54.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 205 shares of the company’s stock worth $31,000 after buying an additional 72 shares in the last quarter. Finally, Global Wealth Management Investment Advisory Inc. grew its position in shares of Snowflake by 89.0% during the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock worth $31,000 after buying an additional 97 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In other news, insider Benoit Dageville sold 689 shares of Snowflake stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $111,218.38. Following the completion of the sale, the insider now directly owns 70,665 shares in the company, valued at approximately $11,406,744.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $220.00, for a total value of $2,200,000.00. Following the completion of the sale, the senior vice president now directly owns 736,567 shares in the company, valued at approximately $162,044,740. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 689 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the sale, the insider now owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The disclosure for this sale can be found here. Insiders sold a total of 168,209 shares of company stock worth $34,291,592 in the last three months. 8.30% of the stock is owned by insiders.

Snowflake Stock Up 2.5 %

NYSE:SNOW opened at $155.01 on Thursday. Snowflake Inc. has a fifty-two week low of $135.26 and a fifty-two week high of $237.72. The stock’s 50-day moving average is $172.95 and its two-hundred day moving average is $179.15.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SNOW. HSBC reissued a “reduce” rating on shares of Snowflake in a research report on Thursday, February 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $175.00 target price (down from $230.00) on shares of Snowflake in a research note on Thursday, February 29th. Evercore ISI cut their target price on Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Redburn Atlantic restated a “sell” rating and set a $125.00 price objective (down from $180.00) on shares of Snowflake in a research note on Tuesday, March 19th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $230.00 price objective on shares of Snowflake in a research note on Thursday, February 29th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.