Independent Financial Group LLC Purchases New Shares in Snowflake Inc. $SNOW

Independent Financial Group LLC purchased a new position in shares of Snowflake Inc. (NYSE:SNOW) in the first quarter, HoldingsChannel.com reports. The firm purchased 7,288 shares of the company’s stock, valued at approximately $1,099,000.

A number of other large investors have also recently bought and sold shares of the business. Brighton Jones LLC boosted its stake in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after buying an additional 29,320 shares during the period. Intech Investment Management LLC increased its position in Snowflake by 24.0% in the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after acquiring an additional 2,167 shares during the period. Geneos Wealth Management Inc. raised its stake in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares during the last quarter. Flow Traders U.S. LLC purchased a new stake in Snowflake during the 2nd quarter valued at approximately $221,000. Finally, The Manufacturers Life Insurance Company lifted its position in Snowflake by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock worth $5,055,000 after acquiring an additional 1,521 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

NYSE SNOW opened at $274.92 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The business’s 50 day moving average is $229.90 and its two-hundred day moving average is $193.81. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99. The stock has a market capitalization of $95.29 billion, a price-to-earnings ratio of -78.10 and a beta of 1.35.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.24 EPS. The company’s quarterly revenue was up 33.5% compared to the same quarter last year. Research analysts expect that Snowflake Inc. will post -1.84 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the sale, the director directly owned 8,801 shares in the company, valued at approximately $2,200,250. The trade was a 91.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the transaction, the director directly owned 28,556 shares in the company, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SNOW has been the topic of several analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $310.00 target price on shares of Snowflake in a research note on Monday. Evercore set a $200.00 price target on Snowflake in a research note on Tuesday, April 14th. Cantor Fitzgerald increased their price target on Snowflake from $225.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Bank of America lifted their price objective on shares of Snowflake from $205.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Mizuho boosted their price objective on shares of Snowflake from $220.00 to $295.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $296.27.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.