Federated Hermes Inc. Purchases 99,412 Shares of Snowflake Inc. $SNOW

Federated Hermes Inc. increased its position in Snowflake Inc. (NYSE:SNOW) by 38.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 359,626 shares of the company’s stock after purchasing an additional 99,412 shares during the period. Federated Hermes Inc. owned 0.11% of Snowflake worth $80,474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SNOW. Vanguard Group Inc. raised its position in shares of Snowflake by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock worth $6,218,515,000 after purchasing an additional 595,553 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Snowflake during the 2nd quarter valued at about $3,900,134,000. Jennison Associates LLC grew its stake in shares of Snowflake by 20.5% in the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock worth $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. Artisan Partners Limited Partnership grew its stake in shares of Snowflake by 15.2% in the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock worth $1,108,045,000 after acquiring an additional 652,485 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock valued at $691,693,000 after purchasing an additional 763,673 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNOW. Truist Financial raised their target price on shares of Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. BTIG Research reissued a “buy” rating and set a $312.00 price target on shares of Snowflake in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Snowflake in a report on Thursday. Robert W. Baird upped their price objective on Snowflake from $260.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Cowen reissued a “buy” rating on shares of Snowflake in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $275.05.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the completion of the transaction, the executive vice president directly owned 532,450 shares in the company, valued at approximately $119,204,906. The trade was a 1.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 170,564 shares of company stock valued at $41,676,989. Insiders own 6.80% of the company’s stock.

Snowflake Price Performance

Shares of Snowflake stock opened at $229.42 on Monday. The stock has a market cap of $77.73 billion, a P/E ratio of -56.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The stock’s fifty day moving average is $251.34 and its 200 day moving average is $226.88. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.04. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.18 billion. Snowflake had a negative return on equity of 43.84% and a negative net margin of 30.76%.Snowflake’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

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.