IVC Wealth Advisors LLC Grows Stock Position in Snowflake Inc. (NYSE:SNOW)

IVC Wealth Advisors LLC lifted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 12.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,779 shares of the company’s stock after purchasing an additional 197 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Snowflake were worth $260,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SNOW. Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter valued at $988,950,000. GQG Partners LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at about $750,572,000. Jennison Associates LLC grew its stake in shares of Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after buying an additional 3,662,671 shares in the last quarter. FMR LLC grew its stake in Snowflake by 84.9% during the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Snowflake by 124.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company’s stock valued at $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SNOW. Needham & Company LLC lifted their target price on Snowflake from $215.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Royal Bank of Canada set a $236.00 target price on Snowflake and gave the company an “outperform” rating in a research note on Thursday, May 22nd. Cowen reissued a “buy” rating on shares of Snowflake in a research note on Thursday, May 22nd. Wall Street Zen raised Snowflake from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $217.33.

Snowflake Trading Up 1.7%

SNOW stock opened at $205.69 on Friday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $209.80. The firm has a market cap of $68.67 billion, a P/E ratio of -60.68 and a beta of 1.11. The business’s 50 day moving average is $163.63 and its 200-day moving average is $166.35. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. Snowflake’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 EPS. Equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jeremy Burton sold 20,789 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $200.00, for a total transaction of $4,157,800.00. Following the sale, the director now directly owns 7,428 shares in the company, valued at $1,485,600. This represents a 73.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This trade represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 849,779 shares of company stock worth $158,838,193 in the last three months. Insiders own 7.80% of the company’s stock.

Snowflake 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.