Institute for Wealth Management LLC. Has $1.25 Million Stock Position in Snowflake Inc. $SNOW

Institute for Wealth Management LLC. decreased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 12.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,569 shares of the company’s stock after selling 809 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Snowflake were worth $1,246,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company’s stock worth $3,974,705,000 after acquiring an additional 316,573 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Snowflake during the 2nd quarter worth approximately $3,900,134,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Snowflake by 19.2% during the 1st 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 during the last quarter. Nuveen LLC acquired a new position in shares of Snowflake during the 1st quarter worth approximately $555,847,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after acquiring an additional 650,775 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNOW. Truist Financial boosted their target price on Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Wells Fargo & Company started coverage on Snowflake in a report on Tuesday. They issued an “overweight” rating and a $275.00 price objective on the stock. Wedbush upped their price objective on Snowflake from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Macquarie upped their price objective on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Finally, Sanford C. Bernstein upped their price objective on Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Stock Performance

NYSE:SNOW opened at $230.45 on Thursday. The stock has a fifty day moving average price of $215.11 and a 200-day moving average price of $194.48. The company has a market cap of $78.08 billion, a price-to-earnings ratio of -55.53 and a beta of 1.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a fifty-two week low of $108.71 and a fifty-two week high of $249.99.

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

Insiders Place Their Bets

In related news, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $1,670,583.24. Following the sale, the director directly owned 153,226 shares of the company’s stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 2,611 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $230.48, for a total value of $601,783.28. Following the completion of the sale, the executive vice president directly owned 542,450 shares in the company, valued at $125,023,876. This trade represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,579,829 shares of company stock valued at $358,117,551. 6.80% of the stock is owned by corporate insiders.

About Snowflake

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.