Snowflake Inc. $SNOW Position Boosted by Bank of Nova Scotia

Bank of Nova Scotia raised its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 570.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,751 shares of the company’s stock after acquiring an additional 187,838 shares during the period. Bank of Nova Scotia owned approximately 0.07% of Snowflake worth $49,397,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SNOW. Capital Advantage Inc. increased its holdings in shares of Snowflake by 1.1% during the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after purchasing an additional 48 shares during the period. Wedbush Securities Inc. grew its position in Snowflake by 1.3% in the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock valued at $832,000 after buying an additional 48 shares in the last quarter. Avion Wealth increased its stake in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares during the period. Insigneo Advisory Services LLC raised its position in shares of Snowflake by 1.3% during the 2nd quarter. Insigneo Advisory Services LLC now owns 4,003 shares of the company’s stock worth $896,000 after buying an additional 52 shares in the last quarter. Finally, Advyzon Investment Management LLC raised its position in shares of Snowflake by 3.8% during the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company’s stock worth $340,000 after buying an additional 55 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SNOW shares. Rosenblatt Securities increased their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a report on Monday, December 1st. KeyCorp increased their price target on Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research note on Wednesday, November 26th. Bank of America raised their target price on Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Finally, Citigroup lowered their target price on Snowflake from $310.00 to $300.00 and set a “buy” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $274.78.

Insider Buying and Selling at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $92,951.95. Following the transaction, the director directly owned 24,524 shares of the company’s stock, valued at approximately $5,656,460.60. The trade was a 1.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the completion of the sale, the executive vice president directly owned 512,450 shares of the company’s stock, valued at approximately $127,871,648.50. This represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 218,819 shares of company stock worth $52,823,885. Company insiders own 6.80% of the company’s stock.

Snowflake Price Performance

SNOW stock opened at $224.99 on Tuesday. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The firm has a 50-day moving average of $251.32 and a two-hundred day moving average of $227.03. The firm has a market capitalization of $76.23 billion, a PE ratio of -55.69 and a beta of 1.09. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 43.84%. The firm’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. On average, analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

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.