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

Kirtland Hills Capital Management LLC raised its position in Snowflake Inc. (NYSE:SNOW) by 24.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,361 shares of the company’s stock after buying 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.

A number of other large investors have also modified their holdings of the company. Prospera Private Wealth LLC purchased a new position in shares of Snowflake in the 3rd quarter valued at about $146,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Snowflake during the third quarter worth about $1,292,000. Swiss National Bank grew its stake in Snowflake by 0.4% during the 3rd quarter. Swiss National Bank now owns 894,300 shares of the company’s stock valued at $102,719,000 after acquiring an additional 3,800 shares in the last quarter. Empowered Funds LLC raised its holdings in Snowflake by 8.8% in the 3rd quarter. Empowered Funds LLC now owns 6,013 shares of the company’s stock valued at $691,000 after acquiring an additional 487 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in Snowflake by 4.9% in the 3rd quarter. CIBC Asset Management Inc now owns 11,705 shares of the company’s stock worth $1,344,000 after purchasing an additional 544 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 6,251 shares of Snowflake stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The trade was a 2.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the sale, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. This trade represents a 0.07 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 59,538 shares of company stock valued at $7,061,544. Corporate insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on SNOW. Needham & Company LLC cut their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price target on shares of Snowflake in a report on Tuesday. Jefferies Financial Group cut their price target on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Canaccord Genuity Group cut their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Evercore ISI decreased 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. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $171.59.

Snowflake Stock Performance

Shares of SNOW opened at $130.26 on Wednesday. The stock has a market capitalization of $43.66 billion, a P/E ratio of -42.57 and a beta of 0.83. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The company’s fifty day moving average is $117.48 and its two-hundred day moving average is $127.89.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $851.72 million. During the same period in the previous year, the business posted ($0.52) earnings per share. The business’s revenue was up 28.9% compared to the same quarter last year. Sell-side analysts predict that Snowflake Inc. will post -2.41 EPS for the current year.

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.