Daiwa Securities Group Inc. Increases Position in Snowflake Inc. (NYSE:SNOW)

Daiwa Securities Group Inc. lifted its holdings in Snowflake Inc. (NYSE:SNOW) by 90.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,265,367 shares of the company’s stock after buying an additional 600,469 shares during the quarter. Snowflake makes up about 0.9% of Daiwa Securities Group Inc.’s portfolio, making the stock its 29th biggest position. Daiwa Securities Group Inc. owned 0.38% of Snowflake worth $170,938,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNOW. Vanguard Group Inc. boosted its position in Snowflake by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares during the period. Jennison Associates LLC boosted its holdings in shares of Snowflake by 3.7% in the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after purchasing an additional 249,249 shares during the period. Sands Capital Management LLC grew its stake in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock worth $1,083,238,000 after purchasing an additional 610,970 shares in the last quarter. Norges Bank purchased a new position in Snowflake during the 4th quarter worth $838,455,000. Finally, WCM Investment Management LLC increased its holdings in Snowflake by 0.6% during the 1st quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock worth $298,644,000 after purchasing an additional 11,677 shares during the period. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wedbush dropped their price target on Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. JMP Securities cut their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Needham & Company LLC dropped their price objective on shares of Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, TD Cowen reduced their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Trading Up 1.3 %

SNOW opened at $109.95 on Tuesday. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72. The firm has a 50 day moving average of $125.92 and a two-hundred day moving average of $144.82. The firm has a market capitalization of $36.81 billion, a PE ratio of -39.27 and a beta of 0.84.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter last year, the company posted ($0.52) earnings per share. The firm’s revenue was up 28.9% compared to the same quarter last year. As a group, analysts predict that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, CAO Emily Ho sold 3,845 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total value of $501,349.55. Following the completion of the transaction, the chief accounting officer now directly owns 30,613 shares of the company’s stock, valued at $3,991,629.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Benoit Dageville sold 1,295 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the sale, the insider now directly owns 58,791 shares of the company’s stock, valued at approximately $7,360,045.29. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Emily Ho sold 3,845 shares of Snowflake stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total value of $501,349.55. Following the completion of the transaction, the chief accounting officer now owns 30,613 shares of the company’s stock, valued at approximately $3,991,629.07. The disclosure for this sale can be found here. Insiders sold a total of 510,098 shares of company stock valued at $63,102,307 in the last quarter. 7.80% of the stock is currently owned by company insiders.

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.