Kovack Advisors Inc. Raises Stake in Snowflake Inc. (NYSE:SNOW)

Kovack Advisors Inc. raised its position in shares of Snowflake Inc. (NYSE:SNOW) by 53.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 4,679 shares of the company’s stock after purchasing an additional 1,637 shares during the period. Kovack Advisors Inc.’s holdings in Snowflake were worth $931,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after buying an additional 1,496,235 shares in the last quarter. Winslow Capital Management LLC purchased a new position in shares of Snowflake in the third quarter worth $226,302,000. Vanguard Group Inc. lifted its holdings in shares of Snowflake by 4.0% in the third quarter. Vanguard Group Inc. now owns 19,428,890 shares of the company’s stock worth $2,968,152,000 after buying an additional 743,211 shares in the last quarter. Wellington Management Group LLP raised its stake in Snowflake by 69.9% during the third quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock valued at $231,481,000 after purchasing an additional 623,277 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in Snowflake by 19,321.5% during the fourth quarter. International Assets Investment Management LLC now owns 508,843 shares of the company’s stock valued at $101,260,000 after purchasing an additional 506,223 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In related news, CAO Emily Ho sold 1,500 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.98, for a total value of $235,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 28,393 shares of the company’s stock, valued at approximately $4,457,133.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snowflake news, CRO Christopher William Degnan sold 12,533 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $200.04, for a total transaction of $2,507,101.32. Following the completion of the transaction, the executive now directly owns 98,172 shares of the company’s stock, valued at approximately $19,638,326.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Emily Ho sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.98, for a total transaction of $235,470.00. Following the transaction, the chief accounting officer now directly owns 28,393 shares of the company’s stock, valued at $4,457,133.14. The disclosure for this sale can be found here. Insiders sold 168,209 shares of company stock valued at $34,291,592 in the last three months. 8.30% of the stock is owned by insiders.

Snowflake Stock Performance

Shares of SNOW stock traded up $5.63 during mid-day trading on Friday, hitting $158.13. 6,533,260 shares of the stock traded hands, compared to its average volume of 4,341,603. The stock’s fifty day moving average is $169.91 and its two-hundred day moving average is $178.94. Snowflake Inc. has a 52-week low of $138.40 and a 52-week high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, equities analysts forecast that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SNOW shares. Piper Sandler reaffirmed an “overweight” rating and set a $250.00 price target on shares of Snowflake in a research note on Tuesday, February 27th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $230.00 price target on shares of Snowflake in a research note on Thursday, February 29th. Bank of America cut their price objective on shares of Snowflake from $265.00 to $212.00 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. Citigroup cut their price objective on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. Finally, Barclays cut their price objective on shares of Snowflake from $198.00 to $188.00 and set an “equal weight” rating on the stock in a research report on Friday, March 1st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.00.

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.