Advisors Asset Management Inc. Acquires 4,969 Shares of Snowflake Inc. $SNOW

Key Points

• Advisors Asset Management Inc. significantly increased its stake in Snowflake Inc. by acquiring an additional 4,969 shares, bringing its total holdings to 6,464 shares valued at approximately $945,000.
• Several research firms have raised their target prices for Snowflake's stock, with Morgan Stanley and Scotiabank setting their new targets at $272.00 and $280.00, respectively, signifying confidence in the company's future performance.
• Snowflake reported a quarterly earnings per share (EPS) of $0.35, surpassing analyst expectations, and experienced a 31.8% increase in revenue compared to the prior year, indicating strong financial growth.

Advisors Asset Management Inc. lifted its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 332.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 6,464 shares of the company's stock after acquiring an additional 4,969 shares during the period. Advisors Asset Management Inc.'s holdings in Snowflake were worth $945,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Snowflake during the 1st quarter worth about $26,000. CVA Family Office LLC grew its holdings in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake in the 4th quarter worth about $31,000. Capital A Wealth Management LLC bought a new stake in shares of Snowflake in the 4th quarter worth about $31,000. Finally, Golden State Wealth Management LLC grew its holdings in shares of Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SNOW. Morgan Stanley upped their target price on shares of Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Scotiabank upped their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. KeyCorp upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Canaccord Genuity Group upped their target price on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Royal Bank Of Canada lifted their price target on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Price Performance

Snowflake stock opened at $225.44 on Wednesday. The business's 50-day simple moving average is $212.58 and its 200 day simple moving average is $187.91. The stock has a market cap of $75.27 billion, a price-to-earnings ratio of -54.32 and a beta of 1.22. Snowflake Inc. has a 12-month low of $108.13 and a 12-month high of $249.99. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) 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 41.42% and a negative net margin of 33.53%.The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 earnings per share. As a group, research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 3,224,502 shares of company stock valued at $719,801,806 in the last quarter. 6.80% of the stock is owned by company 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.

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