Avantax Advisory Services Inc. Sells 2,116 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Avantax Advisory Services Inc. has reduced its stake in Snowflake Inc. by 19.4%, now holding 8,807 shares worth approximately $1.29 million.
• Snowflake's stock decreased by 8.2% and it has a market capitalization of $68.46 billion, with a one-year trading range between $107.13 and $229.27.
• Despite a negative return on equity of 37.75%, Snowflake reported a revenue of $1.04 billion for the last quarter, exceeding analyst expectations.

Avantax Advisory Services Inc. cut its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 19.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,807 shares of the company's stock after selling 2,116 shares during the period. Avantax Advisory Services Inc.'s holdings in Snowflake were worth $1,287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also 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 position 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 currently owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of Snowflake stock traded down $18.43 during trading hours on Friday, reaching $205.07. The company's stock had a trading volume of 8,572,486 shares, compared to its average volume of 3,517,346. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The firm has a 50 day moving average price of $213.88 and a 200-day moving average price of $182.94. The stock has a market cap of $68.46 billion, a P/E ratio of -48.71 and a beta of 1.22.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Cowen reissued a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Scotiabank reissued an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Truist Financial raised their price target on shares of Snowflake from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. UBS Group raised shares of Snowflake from a "neutral" rating to a "buy" rating and raised their price target for the company from $210.00 to $265.00 in a research report on Wednesday, June 4th. Finally, Hsbc Global Res downgraded shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were 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. This represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,697,855 shares of company stock worth $586,415,198. Corporate 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.