Kovack Advisors Inc. Lowers Stock Position in Snowflake Inc. (NYSE:SNOW)

Kovack Advisors Inc. lessened its position in shares of Snowflake Inc. (NYSE:SNOW) by 4.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 2,468 shares of the company’s stock after selling 126 shares during the period. Kovack Advisors Inc.’s holdings in Snowflake were worth $361,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ORG Wealth Partners LLC purchased a new stake in shares of Snowflake during the 1st quarter worth about $898,000. SBI Securities Co. Ltd. raised its holdings in Snowflake by 9.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company’s stock worth $8,856,000 after purchasing an additional 5,197 shares during the period. Deutsche Bank AG boosted its position in Snowflake by 26.0% during the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company’s stock worth $142,513,000 after purchasing an additional 190,583 shares in the last quarter. Artemis Investment Management LLP purchased a new position in Snowflake during the first quarter worth approximately $9,090,000. Finally, Ardmore Road Asset Management LP acquired a new stake in Snowflake in the fourth quarter valued at approximately $18,529,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $230.00 target price on shares of Snowflake in a research note on Thursday, June 5th. Piper Sandler restated an “overweight” rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. JMP Securities increased their price objective on shares of Snowflake from $245.00 to $260.00 and gave the company a “market outperform” rating in a report on Friday, July 18th. Daiwa Capital Markets assumed coverage on shares of Snowflake in a research note on Tuesday, April 1st. They set a “buy” rating and a $210.00 target price for the company. Finally, Stephens started coverage on shares of Snowflake in a research report on Friday, July 18th. They set an “overweight” rating and a $261.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $226.73.

Snowflake Stock Up 2.1%

Shares of SNOW opened at $219.55 on Friday. The company’s 50-day moving average price is $211.09 and its 200 day moving average price is $180.82. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $226.60. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market cap of $73.30 billion, a P/E ratio of -52.15 and a beta of 1.22.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the business earned $0.14 earnings per share. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. On average, sell-side analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction on Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $89,252.41. Following the sale, the director owned 26,539 shares in the company, valued at approximately $5,877,592.33. The trade was a 1.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 100,483 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $223.55, for a total value of $22,462,974.65. Following the transaction, the director directly owned 165,507 shares in the company, valued at approximately $36,999,089.85. The trade was a 37.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,708,258 shares of company stock worth $588,162,906 over the last quarter. Company 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.