Advocacy Wealth Management LLC Buys New Position in Snowflake Inc. $SNOW

Key Points

• Advocacy Wealth Management bought 6,625 Snowflake shares worth approximately $1.69 million in the second quarter. Institutional investors own 65.1% of the company.
• Analyst sentiment remains positive, with 34 Buy ratings, five Holds and one Sell; Snowflake has a consensus rating of “Moderate Buy” and a price target of $328.14.
• Snowflake shares opened at $327.08, near their 52-week high of $341.95, while insiders sold approximately $321.7 million of stock during the latest quarter under pre-arranged trading plans.

Advocacy Wealth Management LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,625 shares of the company's stock, valued at approximately $1,686,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Johnson Investment Counsel Inc. boosted its holdings in Snowflake by 4.5% during the fourth quarter. Johnson Investment Counsel Inc. now owns 1,383 shares of the company's stock worth $303,000 after buying an additional 60 shares in the last quarter. Great Valley Advisor Group Inc. boosted its stake in shares of Snowflake by 4.4% during the 4th quarter. Great Valley Advisor Group Inc. now owns 1,438 shares of the company's stock worth $316,000 after acquiring an additional 60 shares in the last quarter. LRI Investments LLC boosted its stake in shares of Snowflake by 4.5% during the 4th quarter. LRI Investments LLC now owns 1,437 shares of the company's stock worth $315,000 after acquiring an additional 62 shares in the last quarter. First Manhattan CO. LLC. grew its holdings in shares of Snowflake by 6.7% in the 4th quarter. First Manhattan CO. LLC. now owns 1,022 shares of the company's stock worth $224,000 after acquiring an additional 64 shares during the last quarter. Finally, L2 Asset Management LLC grew its holdings in shares of Snowflake by 4.9% in the 3rd quarter. L2 Asset Management LLC now owns 1,379 shares of the company's stock worth $311,000 after acquiring an additional 64 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Barclays upped their target price on Snowflake from $285.00 to $332.00 and gave the company an "equal weight" rating in a report on Thursday. Monness Crespi & Hardt boosted their price objective on Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. JPMorgan Chase & Co. upped their price objective on shares of Snowflake from $245.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Benchmark raised their target price on shares of Snowflake from $290.00 to $360.00 and gave the stock a "buy" rating in a report on Tuesday, August 25th. Finally, Loop Capital lifted their target price on shares of Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Thirty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $328.14.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $324.06, for a total transaction of $130,596.18. Following the transaction, the director directly owned 22,573 shares in the company, valued at $7,315,006.38. The trade was a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 48,990 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $320.78, for a total value of $15,715,012.20. Following the sale, the director owned 28,535 shares of the company's stock, valued at approximately $9,153,457.30. This represents a 63.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,156,901 shares of company stock valued at $321,725,352 in the last quarter. Company insiders own 4.80% of the company's stock.

Snowflake Price Performance

NYSE SNOW opened at $327.08 on Monday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $113.37 billion, a price-to-earnings ratio of -92.92 and a beta of 1.33. The company has a 50 day simple moving average of $287.74 and a 200-day simple moving average of $215.28. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $341.95.

Snowflake Profile

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.

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