CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires Shares of 13,000 Snowflake Inc. $SNOW

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,000 shares of the company’s stock, valued at approximately $2,932,000.

A number of other large investors also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake in the second quarter valued at $6,845,000. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake in the 2nd quarter worth about $3,900,134,000. Goldstream Capital Management Ltd acquired a new stake in shares of Snowflake in the 2nd quarter worth about $3,801,000. Newbridge Financial Services Group Inc. lifted its position in Snowflake by 81.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 20,141 shares of the company’s stock valued at $4,507,000 after acquiring an additional 9,052 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Snowflake by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock valued at $6,218,515,000 after purchasing an additional 595,553 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Transactions at Snowflake

In other Snowflake news, CAO Emily Ho sold 1,072 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $223.63, for a total transaction of $239,731.36. Following the sale, the chief accounting officer directly owned 43,809 shares of the company’s stock, valued at $9,797,006.67. This represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 200,000 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $221.83, for a total transaction of $44,366,000.00. Following the transaction, the director owned 50,329 shares of the company’s stock, valued at $11,164,482.07. This represents a 79.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 401,880 shares of company stock valued at $93,291,032. 6.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SNOW shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Snowflake in a research note on Wednesday, October 8th. Cowen reiterated a “buy” rating on shares of Snowflake in a report on Thursday, December 4th. KeyCorp increased their price target on Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Robert W. Baird lifted their price objective on shares of Snowflake from $260.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, December 4th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $285.00 target price on shares of Snowflake in a research note on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and a consensus target price of $275.32.

Snowflake Price Performance

Snowflake stock opened at $221.97 on Wednesday. The business’s 50 day simple moving average is $244.94 and its 200 day simple moving average is $228.61. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The company has a market cap of $75.96 billion, a price-to-earnings ratio of -54.94 and a beta of 1.09. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. Sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.