IFP Advisors Inc Raises Position in Snowflake Inc. $SNOW

IFP Advisors Inc grew its position in Snowflake Inc. (NYSE:SNOW) by 20.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,554 shares of the company’s stock after purchasing an additional 1,982 shares during the quarter. IFP Advisors Inc’s holdings in Snowflake were worth $2,585,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SNOW. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC raised its holdings in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares in the last quarter. Tradewinds Capital Management LLC raised its holdings in shares of Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Finally, CX Institutional acquired a new stake in shares of Snowflake in the 1st quarter valued at $42,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on Friday, August 1st. The shares were sold at an average price of $208.69, for a total value of $10,505,037.22. Following the transaction, the director directly owned 36,116 shares in the company, valued at approximately $7,537,048.04. The trade was a 58.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. Company insiders own 6.80% of the company’s stock.

Snowflake Trading Down 3.3%

NYSE SNOW opened at $242.52 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market cap of $82.17 billion, a PE ratio of -58.44 and a beta of 1.21. Snowflake Inc. has a one year low of $113.23 and a one year high of $255.39. The firm’s fifty day moving average is $218.64 and its two-hundred day moving average is $198.54.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.18 earnings per share. Analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wedbush raised their price objective on shares of Snowflake from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Scotiabank lifted their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research note on Thursday, August 28th. Cowen reiterated a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. Finally, JMP Securities reiterated a “market outperform” rating and set a $260.00 price target on shares of Snowflake in a research note on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $256.18.

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.