Forza Wealth Management LLC Makes New $263,000 Investment in Snowflake Inc. $SNOW

Forza Wealth Management LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,176 shares of the company’s stock, valued at approximately $263,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNOW. Kingstone Capital Partners Texas LLC bought a new position in Snowflake during the second quarter worth about $3,900,134,000. Nuveen LLC bought a new position in Snowflake during the first quarter worth about $555,847,000. AQR Capital Management LLC lifted its holdings in Snowflake by 346.2% during the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after acquiring an additional 2,460,769 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock worth $691,693,000 after acquiring an additional 763,673 shares in the last quarter. Finally, Amundi lifted its holdings in Snowflake by 72.7% during the first quarter. Amundi now owns 1,808,250 shares of the company’s stock worth $252,974,000 after acquiring an additional 760,923 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SNOW shares. Canaccord Genuity Group lifted their target price on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Jefferies Financial Group boosted their price target on Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. KeyCorp boosted their price target on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Scotiabank boosted their price target on Snowflake from $230.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Finally, Stephens began coverage on Snowflake in a report on Friday, July 18th. They issued an “overweight” rating and a $261.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.53.

Snowflake Stock Performance

SNOW opened at $225.60 on Wednesday. Snowflake Inc. has a 52-week low of $108.71 and a 52-week high of $249.99. The firm has a market capitalization of $76.43 billion, a PE ratio of -54.36 and a beta of 1.22. 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 business’s 50-day simple moving average is $214.75 and its 200 day simple moving average is $194.23.

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

Insider Buying and Selling

In related news, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the sale, the director owned 25,733 shares in the company, valued at approximately $5,785,807.72. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Emily Ho sold 1,658 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares in the company, valued at $7,150,561.25. The trade was a 4.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,759,924 shares of company stock worth $397,943,442. Insiders own 6.80% 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.