GAMMA Investing LLC Buys New Position in Snowflake Inc. (NYSE:SNOW)

GAMMA Investing LLC acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) in the fourth quarter, Holdings Channel.com reports. The fund acquired 409 shares of the company’s stock, valued at approximately $80,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cigna Investments Inc. New lifted its stake in Snowflake by 1.6% during the fourth quarter. Cigna Investments Inc. New now owns 3,295 shares of the company’s stock worth $656,000 after purchasing an additional 51 shares during the last quarter. E&G Advisors LP lifted its position in Snowflake by 3.0% in the 4th quarter. E&G Advisors LP now owns 1,768 shares of the company’s stock worth $352,000 after buying an additional 51 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Snowflake by 34.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after buying an additional 52 shares in the last quarter. Valley National Advisers Inc. grew its position in Snowflake by 18.1% during the fourth quarter. Valley National Advisers Inc. now owns 346 shares of the company’s stock valued at $68,000 after acquiring an additional 53 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in shares of Snowflake by 5.8% during the fourth quarter. AdvisorNet Financial Inc now owns 1,106 shares of the company’s stock worth $220,000 after acquiring an additional 61 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of analyst reports. Evercore ISI decreased their target price on shares of Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. HSBC reiterated a “reduce” rating on shares of Snowflake in a report on Thursday, February 29th. Redburn Atlantic reissued a “sell” rating and issued a $125.00 price target (down previously from $180.00) on shares of Snowflake in a report on Tuesday, March 19th. Rosenblatt Securities upgraded Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Friday, April 5th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $250.00 price objective on shares of Snowflake in a report on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $202.00.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $157.47 on Tuesday. Snowflake Inc. has a 1-year low of $138.40 and a 1-year high of $237.72. The business has a fifty day moving average price of $168.46 and a 200 day moving average price of $179.14.

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

Insider Activity

In other news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the sale, the insider now directly owns 55,216 shares of the company’s stock, valued at $8,627,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sridhar Ramaswamy acquired 31,542 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the completion of the transaction, the chief executive officer now directly owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The disclosure for this purchase can be found here. Insiders have sold 168,209 shares of company stock worth $34,291,592 in the last quarter. Corporate insiders own 8.30% of the company’s stock.

Snowflake 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.