AE Wealth Management LLC Purchases Shares of 2,122 Snowflake Inc. (NYSE:SNOW)

Key Points

• AE Wealth Management LLC has acquired 2,122 shares of Snowflake Inc., valued at approximately $310,000, during the first quarter.
• Snowflake's recent quarterly earnings showed a revenue increase of 25.8% year-over-year, reporting $1.04 billion, with earnings per share of $0.24, exceeding analysts' expectations.
• Despite recent growth, the consensus rating for Snowflake is a "Moderate Buy", with an average target price set at $226.73 by analysts.

AE Wealth Management LLC acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,122 shares of the company's stock, valued at approximately $310,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wedbush Securities Inc. boosted its position in shares of Snowflake by 31.0% during the first quarter. Wedbush Securities Inc. now owns 3,669 shares of the company's stock valued at $536,000 after buying an additional 869 shares during the last quarter. Triumph Capital Management boosted its position in Snowflake by 59.7% in the first quarter. Triumph Capital Management now owns 12,304 shares of the company's stock worth $1,798,000 after purchasing an additional 4,598 shares during the last quarter. Vestor Capital LLC boosted its position in Snowflake by 2.1% in the first quarter. Vestor Capital LLC now owns 88,043 shares of the company's stock worth $12,868,000 after purchasing an additional 1,784 shares during the last quarter. SYM FINANCIAL Corp boosted its position in Snowflake by 78.0% in the first quarter. SYM FINANCIAL Corp now owns 2,793 shares of the company's stock worth $408,000 after purchasing an additional 1,224 shares during the last quarter. Finally, Oak Thistle LLC boosted its position in Snowflake by 46.3% in the first quarter. Oak Thistle LLC now owns 7,581 shares of the company's stock worth $1,108,000 after purchasing an additional 2,398 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Snowflake Stock Down 8.2%

Shares of NYSE:SNOW traded down $18.43 during trading on Friday, hitting $205.07. The stock had a trading volume of 8,572,486 shares, compared to its average volume of 3,088,446. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $229.27. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $68.46 billion, a PE ratio of -48.71 and a beta of 1.22. The firm's fifty day moving average is $213.88 and its 200 day moving average is $182.72.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company's revenue was up 25.8% compared to the same quarter last year. During the same period last year, the business posted $0.14 EPS. Analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SNOW shares. KeyCorp reissued an "overweight" rating on shares of Snowflake in a research report on Wednesday, June 25th. Royal Bank Of Canada boosted their price objective on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Citigroup reissued an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Morgan Stanley started coverage on Snowflake in a research note on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 target price on the stock. Finally, Macquarie boosted their target price on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,697,855 shares of company stock worth $586,415,198 in the last ninety days. Insiders own 6.80% of the company's stock.

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.