Snowflake Inc. (NYSE:SNOW) Shares Purchased by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC boosted its holdings in Snowflake Inc. (NYSE:SNOW) by 1,082.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,033 shares of the company’s stock after acquiring an additional 15,593 shares during the period. Lake Street Private Wealth LLC’s holdings in Snowflake were worth $2,490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SNOW. Stonebridge Financial Group LLC purchased a new position in shares of Snowflake during the 4th quarter worth about $29,000. West Paces Advisors Inc. acquired a new position in Snowflake during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. Capital A Wealth Management LLC purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in shares of Snowflake during the fourth quarter valued at approximately $32,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Up 0.1%

Shares of NYSE SNOW opened at $209.44 on Thursday. The stock has a market cap of $69.92 billion, a price-to-earnings ratio of -61.78 and a beta of 1.21. The business has a 50 day simple moving average of $166.87 and a 200 day simple moving average of $168.02. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $214.83. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 EPS. On average, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SNOW shares. JPMorgan Chase & Co. raised their price target on shares of Snowflake from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Thursday, May 22nd. Macquarie boosted their price target on shares of Snowflake from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Wednesday. Cantor Fitzgerald boosted their price target on shares of Snowflake from $183.00 to $242.00 and gave the company an “overweight” rating in a report on Thursday, May 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $215.00 price objective (up previously from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of Snowflake in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.28.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $205.67, for a total transaction of $2,056,700.00. Following the completion of the sale, the executive vice president now directly owns 570,632 shares of the company’s stock, valued at approximately $117,361,883.44. This represents a 1.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Emily Ho sold 5,027 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $199.06, for a total transaction of $1,000,674.62. Following the sale, the chief accounting officer now directly owns 40,608 shares of the company’s stock, valued at approximately $8,083,428.48. This represents a 11.02% 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 $159,318,643 over the last three months. Corporate insiders own 6.80% of the company’s stock.

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.