Kornitzer Capital Management Inc. KS Acquires 6,825 Shares of Snowflake Inc. $SNOW

Kornitzer Capital Management Inc. KS increased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 13.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,725 shares of the company’s stock after buying an additional 6,825 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Snowflake were worth $13,245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH bought a new stake in shares of Snowflake during the second quarter valued at approximately $25,000. Avion Wealth lifted its holdings in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after buying an additional 49 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in Snowflake in the 3rd quarter valued at $25,000. Tripletail Wealth Management LLC acquired a new stake in shares of Snowflake in the 3rd quarter valued at $28,000. Finally, Rossby Financial LCC raised its position in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 127 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Sanford C. Bernstein reiterated a “market perform” rating and issued a $237.00 price target on shares of Snowflake in a report on Thursday, December 4th. Morgan Stanley upped their target price on shares of Snowflake from $272.00 to $299.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Snowflake in a report on Wednesday, January 21st. Raymond James Financial set a $250.00 price objective on shares of Snowflake in a research note on Monday, December 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $285.00 price objective on shares of Snowflake in a research note on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.58.

Insiders Place Their Bets

In other news, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $220.44, for a total value of $2,601,412.44. Following the completion of the transaction, the senior vice president owned 218,020 shares in the company, valued at $48,060,328.80. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the sale, the director owned 32,756 shares in the company, valued at approximately $7,555,171.40. The trade was a 60.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 618,681 shares of company stock valued at $137,427,145 over the last 90 days. 6.80% of the stock is owned by company insiders.

Snowflake Stock Performance

SNOW stock opened at $211.24 on Tuesday. The business’s 50-day moving average price is $226.66 and its two-hundred day moving average price is $228.32. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07. The firm has a market cap of $72.29 billion, a PE ratio of -52.29 and a beta of 1.14. Snowflake Inc. has a 1-year low of $120.10 and a 1-year high of $280.67.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The company’s revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 earnings per share. As a group, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

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.