Kirtland Hills Capital Management LLC Increases Position in Snowflake Inc. (NYSE:SNOW)

Kirtland Hills Capital Management LLC boosted its position in Snowflake Inc. (NYSE:SNOW) by 24.0% in the 3rd quarter, Holdings Channel reports. The fund owned 11,361 shares of the company’s stock after purchasing an additional 2,202 shares during the period. Kirtland Hills Capital Management LLC’s holdings in Snowflake were worth $1,305,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. LRI Investments LLC acquired a new stake in shares of Snowflake in the first quarter worth $29,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the 2nd quarter valued at $27,000. V Square Quantitative Management LLC purchased a new position in Snowflake in the third quarter valued at about $30,000. Global Financial Private Client LLC purchased a new position in Snowflake in the first quarter valued at about $44,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Snowflake during the second quarter worth about $39,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SNOW shares. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 target price on shares of Snowflake in a report on Thursday, August 22nd. Evercore ISI reduced their target price on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Citigroup lowered their price target on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday. Wells Fargo & Company cut their price objective on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Finally, Needham & Company LLC lowered their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $171.59.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 3.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is owned by corporate insiders.

Snowflake Trading Up 2.2 %

SNOW stock opened at $130.26 on Wednesday. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The firm has a 50-day moving average of $117.48 and a two-hundred day moving average of $127.89. The firm has a market capitalization of $43.66 billion, a PE ratio of -42.57 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $868.80 million for the quarter, compared to the consensus estimate of $851.72 million. During the same quarter last year, the firm earned ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, equities research analysts anticipate that Snowflake Inc. will post -2.41 earnings per share for the current year.

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.