2,474 Shares in Snowflake Inc. $SNOW Bought by Sheets Smith Wealth Management

Key Points

• Sheets Smith Wealth Management acquired 2,474 shares of Snowflake Inc. valued at approximately $554,000 during the second quarter.
• In the last three months, insiders sold 2,774,140 shares of Snowflake stock worth $621,182,005, leaving them with a total of 6.80% ownership of the company.
• Multiple analysts have issued a "buy" rating for Snowflake, with a consensus target price of $255.53, supported by a recent 31.8% year-over-year revenue increase.

Sheets Smith Wealth Management bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,474 shares of the company's stock, valued at approximately $554,000.

Other large investors have also made changes to their positions in the company. Goldman Sachs Group Inc. lifted its stake in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after acquiring an additional 650,775 shares during the last quarter. CenterBook Partners LP bought a new position in shares of Snowflake during the 1st quarter valued at $2,381,000. Berkshire Capital Holdings Inc. raised its holdings in shares of Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after purchasing an additional 7,150 shares in the last quarter. Lyell Wealth Management LP increased its position in Snowflake by 5.1% during the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after buying an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $898,000. Institutional investors own 65.10% of the company's stock.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the sale, the director owned 153,226 shares in the company, valued at $33,899,720.24. The trade was a 4.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christian Kleinerman sold 2,611 shares of Snowflake stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $230.48, for a total transaction of $601,783.28. Following the sale, the executive vice president owned 542,450 shares of the company's stock, valued at approximately $125,023,876. This represents a 0.48% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,774,140 shares of company stock valued at $621,182,005. 6.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on SNOW. DA Davidson reaffirmed a "buy" rating and issued a $250.00 target price on shares of Snowflake in a research report on Monday, August 25th. Mizuho increased their price objective on shares of Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Snowflake in a research note on Thursday, August 28th. Bank of America raised shares of Snowflake from a "neutral" rating to a "buy" rating and upped their target price for the company from $220.00 to $240.00 in a research note on Wednesday, August 20th. Finally, Canaccord Genuity Group lifted their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

Shares of Snowflake stock opened at $222.70 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market cap of $75.45 billion, a P/E ratio of -53.66 and a beta of 1.22. The firm has a 50 day simple moving average of $213.93 and a 200 day simple moving average of $191.91. Snowflake Inc. has a fifty-two week low of $108.71 and a fifty-two week high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the company earned $0.18 EPS. Sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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.

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