LGT Fund Management Co Ltd. Invests $1.76 Million in Snowflake Inc. (NYSE:SNOW)

LGT Fund Management Co Ltd. purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 13,000 shares of the company’s stock, valued at approximately $1,756,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commerce Bank raised its holdings in shares of Snowflake by 0.8% in the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after buying an additional 51 shares during the period. Park Avenue Securities LLC grew its position in Snowflake by 0.5% in the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after acquiring an additional 70 shares during the last quarter. Covestor Ltd increased its stake in Snowflake by 25.0% in the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the period. IAM Advisory LLC lifted its position in shares of Snowflake by 2.0% during the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after purchasing an additional 74 shares during the last quarter. Finally, Joseph P. Lucia & Associates LLC boosted its stake in shares of Snowflake by 2.6% during the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after purchasing an additional 75 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Trading Up 1.3 %

NYSE:SNOW opened at $109.95 on Tuesday. The firm has a fifty day simple moving average of $125.92 and a 200-day simple moving average of $144.82. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The company has a market capitalization of $36.81 billion, a P/E ratio of -39.27 and a beta of 0.84.

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

Insider Activity at Snowflake

In other news, insider Benoit Dageville sold 1,295 shares of the stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.19, for a total value of $162,121.05. Following the sale, the insider now owns 58,791 shares in the company, valued at $7,360,045.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the sale, the insider now owns 58,791 shares in the company, valued at approximately $7,360,045.29. The disclosure for this sale can be found here. Insiders have sold a total of 510,098 shares of company stock worth $63,102,307 over the last quarter. Insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SNOW shares. TD Cowen decreased their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. UBS Group lowered their price target on Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a report on Monday, August 19th. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and increased their price objective for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Barclays lowered their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Finally, Canaccord Genuity Group cut their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

About Snowflake

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.