As investors eagerly await Snowflake’s next earnings report, the news of MAI Capital Management’s latest purchase has rocked the financial world. According to its 13F filing with the Securities & Exchange Commission, the institutional investor has purchased a new stake in Snowflake Inc. (NYSE:SNOW), valued at approximately $354,000.
For those unfamiliar with the company, Snowflake provides a cloud-based data platform that consolidates data into a single source of truth, enabling organizations to drive impactful business insights and build data-driven applications. With customers from a range of industries and sizes both domestically and internationally, Snowflake’s technology has garnered much attention in recent years.
However, Wednesday’s quarterly earnings report left many disappointed as they reported ($0.60) earnings per share (EPS) for the quarter – missing the consensus estimate of ($0.48) by ($0.12). Despite this setback, the company reported revenue of $589.01 million for the quarter – exceeding analysts’ expectations of $571.57 million.
Research analysts are predicting that Snowflake Inc.’s negative return on equity (-13.87%) and negative net margin (-38.57%) will lead them to post -1.63 earnings per share for this year – making it an uncertain time for investors.
Nevertheless, MAI Capital Management remains optimistic about their purchase and confident in Snowflake’s ability to deliver long-term value to their portfolio. Only time will tell if this gamble will pay off – but for now, all eyes are on Snowflake’s next move as they continue to innovate in the ever-evolving world of cloud-based technology solutions.
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Snowflake Inc.: Cloud-Based Data Platform Driving Business Insights
Snowflake Inc.: A Leading Cloud-based Data Platform
May 17, 2023
Snowflake Inc. is a cloud-based data platform provider that enables customers to consolidate data into a single source of truth and drive meaningful business insights, build data-driven applications, and share data. The company offers a Data Cloud platform used by various organizations of all sizes in industries worldwide.
As of May 17, 2023, various large investors have made changes to their positions in the stock. Credit Suisse AG lifted its holdings in Snowflake by 5.3% in the third quarter. Metis Global Partners LLC additionally increased its holdings by 106.7% in the fourth quarter, while Kistler Tiffany Companies LLC lifted its holdings by 166.8%.
Moreover, Snowflake has faced challenges from research firms as several analysts decreased their price target on the company’s stock. Despite these concerns raised by two equities research analysts who rated the stock with a sell rating and eight giving it a hold rating, as many as twenty-eight other analysts have issued buy ratings to Snowflake’s stock. According to Bloomberg’s analysis of the ratings’ average, the consensus target price of Snowflake stands at $185.17.
On another note, apart from increasing investments in the company, some insiders sold shares over time since early March 2023 according to filings recorded with Securities & Exchange Commission (SEC). CEO Frank Slootman sold 1,701 shares twice at an average price of $141.38 generating $481k each time alongside Benoit Dageville selling over $8M worth for his stake.
Snowflake opened up today at $171.71 after experiencing lower than expected growth; its performance has fluctuated with time throughout this year and has hit highs and lows across previous quarters as well.
In conclusion,Snowflake has been garnering significant interest from institutional investors and research firms alike due to its cloud-based data platform and the prospects it holds for driving business insights. With a Data Cloud platform, the company offers the ability to consolidate data from many sources, allowing businesses to access their information in one place and making data-driven decisions easier than ever before. Despite challenges, Snowflake remains a formidable player in the industry and is poised to continue making an impact for years to come.
