Montag A & Associates Increases Stake in Snowflake by Over 234%

Montag A & Associates Inc. significantly increased its stake in Snowflake Inc. (NYSE: SNOW) by an impressive 234.5% during the second quarter of 2023. This information emerged from the firm’s recent Form 13F filing with the Securities and Exchange Commission. Following this acquisition, Montag A & Associates now holds 291 shares of Snowflake, which were valued at approximately $65,000 at the end of the reporting period.

A range of other institutional investors and hedge funds have also adjusted their positions in Snowflake. Notably, Goldman Sachs Group Inc. raised its holdings in the company by 22.2% during the first quarter, acquiring an additional 650,775 shares to reach a total of 3,587,114 shares, valued at around $524.3 million. Additionally, CenterBook Partners LP entered the market with a new stake valued at $2.38 million.

Another significant change came from Berkshire Capital Holdings Inc., which increased its position by an astonishing 71,500%, now holding 7,160 shares valued at $1.05 million. OVERSEA CHINESE BANKING Corp Ltd also acquired a new stake during the second quarter, valued at $6.85 million. Meanwhile, Lyell Wealth Management LP grew its stake by 5.1%, totaling 60,685 shares worth approximately $8.87 million. Overall, institutional investors and hedge funds now control 65.10% of Snowflake’s stock.

Analyst Ratings and Stock Performance

Recent analyst reports reflect a positive outlook for Snowflake. On August 28, Piper Sandler raised their price objective from $215.00 to $285.00, maintaining an “overweight” rating. Raymond James Financial also increased its price target from $212.00 to $230.00, designating the company as “outperform.” Following suit, Truist Financial boosted its price target from $235.00 to $270.00, affirming a “buy” rating. Conversely, Weiss Ratings reaffirmed a “sell (d-)” rating, while Wedbush raised their target from $250.00 to $270.00.

Overall, the consensus among analysts shows Snowflake receiving a “Moderate Buy” rating, with an average price target of $259.89. Among the analysts, two have rated the stock as a Strong Buy, while thirty-six have designated it as a Buy. Three analysts issued Hold ratings, and three others rated it as a Sell.

Insider Transactions and Company Overview

In related developments, Frank Slootman, Director of Snowflake, sold 710,083 shares on August 28, generating a total of approximately $163.65 million. Following this transaction, Slootman retains 165,507 shares, valued at around $38.14 million, marking an 81.10% decrease in his ownership.

Additionally, Michael L. Speiser, another director, sold 50,338 shares on September 5, garnering about $11.32 million. Post-sale, Speiser holds 35,276 shares, valued at approximately $7.93 million, representing a 58.80% decrease in his stake. Over the past ninety days, insiders have sold a total of 931,388 shares valued at $216.58 million. Currently, corporate insiders own 6.80% of the company’s stock.

As of Friday, Snowflake’s stock opened at $257.15. The company has experienced a 52-week low of $120.10 and a high of $280.67. With a market capitalization of $87.12 billion, Snowflake maintains a PE ratio of -61.96 and a beta of 1.23.

The latest earnings results, released on August 27, revealed earnings per share (EPS) of $0.35, surpassing analysts’ expectations of $0.27. The firm reported revenue of $1.14 billion, exceeding estimates of $1.09 billion and reflecting a 31.8% increase compared to the same quarter last year.

Snowflake Inc. provides a cloud-based data platform for various organizations globally. Its services include the Data Cloud, which helps customers consolidate data into a single source for actionable business insights, develop data-driven applications, and leverage artificial intelligence to address business challenges.