Cetera Investment Advisers Has $19.93 Million Stock Holdings in Snowflake Inc. $SNOW

Cetera Investment Advisers raised its holdings in Snowflake Inc. (NYSE:SNOW) by 6.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 132,108 shares of the company’s stock after acquiring an additional 8,324 shares during the quarter. Cetera Investment Advisers’ holdings in Snowflake were worth $19,925,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in Snowflake during the fourth quarter worth about $974,091,000. Jennison Associates LLC boosted its stake in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new position in Snowflake during the 4th quarter worth approximately $345,619,000. Vanguard Group Inc. grew its holdings in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after purchasing an additional 1,448,094 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in Snowflake by 445.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock valued at $326,971,000 after purchasing an additional 1,217,350 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $272.89 on Tuesday. The stock has a 50 day moving average price of $241.28 and a 200 day moving average price of $195.44. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $94.58 billion, a PE ratio of -77.52 and a beta of 1.35.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The business’s quarterly revenue was up 33.5% on a year-over-year basis. Analysts predict that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent analyst reports. Jefferies Financial Group increased their price target on Snowflake from $300.00 to $310.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Citizens Jmp reiterated a “market outperform” rating and issued a $325.00 price objective on shares of Snowflake in a research report on Tuesday, May 19th. Sanford C. Bernstein lifted their price target on shares of Snowflake from $195.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, May 28th. Needham & Company LLC increased their price objective on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Bank of America boosted their price objective on shares of Snowflake from $205.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $296.27.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 437,076 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. The trade was a 91.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the sale, the director directly owned 8,801 shares in the company, valued at $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,802,015 shares of company stock valued at $421,739,629. 4.80% of the stock is owned by corporate insiders.

Snowflake Company 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.