Belpointe Asset Management LLC Takes Position in Snowflake Inc. $SNOW

Belpointe Asset Management LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,622 shares of the company’s stock, valued at approximately $1,482,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SNOW. Opal Wealth Advisors LLC acquired a new position in shares of Snowflake in the first quarter valued at approximately $26,000. CVA Family Office LLC increased its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after buying an additional 88 shares during the period. Golden State Wealth Management LLC increased its position in Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares during the period. Tradewinds Capital Management LLC increased its position in Snowflake by 53.1% during the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock valued at $36,000 after purchasing an additional 85 shares during the period. Finally, CX Institutional acquired a new stake in Snowflake during the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

Shares of SNOW opened at $235.34 on Wednesday. Snowflake Inc. has a 12-month low of $113.13 and a 12-month high of $249.99. The business’s fifty day moving average is $216.75 and its 200 day moving average is $197.03. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market cap of $79.73 billion, a P/E ratio of -56.71 and a beta of 1.21.

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

Analyst Ratings Changes

A number of research firms have weighed in on SNOW. Cantor Fitzgerald increased their target price on shares of Snowflake from $242.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. DA Davidson reissued a “buy” rating and set a $250.00 target price on shares of Snowflake in a research report on Monday, August 25th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research report on Thursday, August 28th. Barclays increased their target price on shares of Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Finally, Cowen reissued a “buy” rating on shares of Snowflake in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $255.53.

Insider Buying and Selling

In related news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 7,551 shares of Snowflake 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 completion of the sale, the director directly owned 153,226 shares of the company’s stock, valued at approximately $33,899,720.24. This trade represents a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,177,434 shares of company stock worth $269,030,661 in the last quarter. 6.80% of the stock is currently owned by company insiders.

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.