Alpha Cubed Investments LLC Makes New Investment in Snowflake Inc. (NYSE:SNOW)

Alpha Cubed Investments LLC bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 11,799 shares of the company's stock, valued at approximately $1,725,000.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP lifted its position in Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after buying an additional 59 shares during the last quarter. Gabelli Funds LLC raised its stake in shares of Snowflake by 3.3% in the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after acquiring an additional 65 shares during the period. Archford Capital Strategies LLC raised its stake in shares of Snowflake by 1.9% in the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after acquiring an additional 68 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after acquiring an additional 68 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Snowflake by 0.6% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company's stock worth $2,077,000 after purchasing an additional 69 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on SNOW. Royal Bank Of Canada increased their price objective on shares of Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Scotiabank reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Oppenheimer reiterated an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Wells Fargo & Company restated an "overweight" rating and set a $250.00 price objective (up previously from $225.00) on shares of Snowflake in a report on Friday, June 13th. Finally, Loop Capital upped their price objective on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $225.36.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $218.89, for a total value of $2,188,900.00. Following the completion of the sale, the executive vice president directly owned 547,336 shares in the company, valued at approximately $119,806,377.04. This trade represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. This represents a 20.39% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,876,557 shares of company stock worth $403,565,119. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Up 1.7%

NYSE:SNOW opened at $221.13 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market capitalization of $73.83 billion, a P/E ratio of -52.52 and a beta of 1.22. The company's 50-day simple moving average is $197.86 and its 200-day simple moving average is $175.27. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $225.68.

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

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