Sierra Summit Advisors LLC Acquires New Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• During the first quarter, Sierra Summit Advisors LLC acquired 33,902 shares of Snowflake Inc. (NYSE: SNOW), valued at approximately $4.95 million.
• Significant investments were made by other hedge funds, including Price T Rowe Associates increasing its stake in Snowflake by 124.4% in the fourth quarter.
• Analysts have a consensus rating of "Moderate Buy" for Snowflake, with a consensus price target of $226.73.

Sierra Summit Advisors LLC purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,902 shares of the company's stock, valued at approximately $4,955,000.

A number of other institutional investors also recently bought and sold shares of the stock. Opal Wealth Advisors LLC bought a new position in shares of Snowflake during the first quarter valued at approximately $26,000. CVA Family Office LLC increased its stake in shares of Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new position in shares of Snowflake during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. 65.10% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the completion of the sale, the executive vice president directly owned 537,336 shares in the company, valued at approximately $116,064,576. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 256,046 shares of Snowflake stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $37,594,915.05. This represents a 60.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,014,642 shares of company stock valued at $657,325,186 in the last ninety days. 6.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SNOW has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. BTIG Research restated a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Piper Sandler restated an "overweight" rating and set a $215.00 target price (up previously from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. HSBC cut shares of Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Royal Bank Of Canada lifted their target price on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake Price Performance

Shares of NYSE SNOW traded down $14.46 during mid-day trading on Friday, reaching $191.94. The company's stock had a trading volume of 8,603,458 shares, compared to its average volume of 3,770,819. The stock has a 50-day moving average of $213.98 and a two-hundred day moving average of $184.03. The stock has a market capitalization of $64.08 billion, a P/E ratio of -45.59 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the business earned $0.14 earnings per share. Snowflake's revenue was up 25.8% compared to the same quarter last year. On average, equities research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.