Triumph Capital Management Increases Stake in Snowflake Inc. by 59.7%

Triumph Capital Management has significantly increased its investment in Snowflake Inc. (NYSE: SNOW), raising its stake by 59.7% during the first quarter of 2023. According to recent filings with the U.S. Securities and Exchange Commission (SEC), the fund now holds 12,304 shares of Snowflake, following an acquisition of an additional 4,598 shares during this period. The total value of Triumph Capital’s holdings in Snowflake is approximately $1.8 million.

Several other institutional investors have also adjusted their positions in Snowflake. For instance, Brighton Jones LLC increased its stake by 90% in the fourth quarter, bringing its total to 61,885 shares, valued at about $9.56 million. Similarly, the Teacher Retirement System of Texas raised its holdings by an impressive 782.2%, now owning 17,793 shares worth around $2.75 million. Additionally, Natixis Advisors LLC and TD Private Client Wealth LLC have made new investments or increased their stakes in the company, indicating strong institutional interest.

As of the latest trading session, Snowflake’s shares were down 1.4%, opening at $212.67. The company currently boasts a market capitalization of $71 billion. Its price-to-earnings (P/E) ratio stands at -50.52, while it has a beta of 1.22. Snowflake’s financial health is reflected in its quick and current ratios, both at 1.58, and a manageable debt-to-equity ratio of 0.94. The stock has fluctuated within a 52-week range of $107.13 to $226.60, showcasing its volatility.

Recent Insider Activity

Recent transactions by insiders have also drawn attention. On June 26, Director Frank Slootman sold 424,852 shares at an average price of $219.35, totaling around $93.19 million. Following this transaction, Slootman retains 165,507 shares, which are valued at approximately $36.30 million. This sale represents a substantial reduction of 71.97% in his holdings.

Director Mark Garrett also sold 67,000 shares on May 23, with a total value of $13.33 million. After this transaction, Garrett holds 7,428 shares, valued at about $1.48 million, marking a decrease of 90.02% in his stake. Over the past 90 days, insiders have sold a total of 2,718,258 shares, amounting to approximately $589.76 million. Currently, insiders own 6.80% of the company’s shares.

Analyst Perspectives on Snowflake

Equity analysts have varied opinions on Snowflake’s stock. BTIG Research has reaffirmed a “buy” rating, while JPMorgan Chase & Co. raised its target price from $210 to $225, assigning an “overweight” rating. Conversely, HSBC Global Research downgraded its rating from “hold” to “strong sell.”

Additionally, Raymond James Financial has issued an “outperform” rating with a revised target price of $212, up from $196. Bank of America has also increased its price objective from $172 to $220, while maintaining a “neutral” rating.

MarketBeat reports that Snowflake has received two sell ratings, six hold ratings, thirty-three buy ratings, and three strong buy ratings, leading to an average rating of “Moderate Buy” and a consensus target price of $226.73.

Snowflake Inc. provides a cloud-based data platform that allows organizations to effectively manage their data. Its offerings include the Data Cloud, designed to consolidate information into a single source for actionable insights, data-driven applications, and enhanced data sharing capabilities. The integration of artificial intelligence (AI) into its operations further positions Snowflake as a leader in the data management space.