Bulltick Wealth Management LLC Sells 17,012 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Bulltick Wealth Management LLC reduced its stake in Snowflake Inc. by 49.9%, holding 17,063 shares worth approximately $2.49 million after selling 17,012 shares in Q1.
• Institutional investors currently own 65.10% of Snowflake's stock, with notable increases from several other firms like CVA Family Office LLC, which raised its holdings by 80%.
• Snowflake's consensus rating is a "Moderate Buy" with a target price of $226.73, reflecting positive sentiment despite some analysts rating the stock as a hold or sell.

Bulltick Wealth Management LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 49.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,063 shares of the company's stock after selling 17,012 shares during the period. Bulltick Wealth Management LLC's holdings in Snowflake were worth $2,494,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake during the 1st quarter valued at $26,000. CVA Family Office LLC grew its holdings in shares of Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. West Paces Advisors Inc. acquired a new stake in shares of Snowflake in the 4th quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake in the 4th quarter valued at $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Snowflake in the 4th quarter valued at $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 400,000 shares of the firm'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 completion of the sale, the chief financial officer owned 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,014,642 shares of company stock valued at $657,325,186. Insiders own 6.80% of the company's stock.

Snowflake Stock Down 0.9%

Snowflake stock traded down $1.85 during mid-day trading on Thursday, reaching $195.02. The company's stock had a trading volume of 2,785,481 shares, compared to its average volume of 5,069,094. The company has a market capitalization of $65.11 billion, a price-to-earnings ratio of -46.32 and a beta of 1.22. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $229.27. The business's 50 day simple moving average is $213.04 and its 200 day simple moving average is $184.30. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

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

Analyst Ratings Changes

Several research firms recently issued reports on SNOW. Royal Bank Of Canada lifted their price objective on shares of Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Needham & Company LLC reissued a "buy" rating and issued a $230.00 target price on shares of Snowflake in a research note on Thursday, June 5th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $250.00 price objective (up from $225.00) on shares of Snowflake in a research note on Friday, June 13th. Monness Crespi & Hardt upped their target price on shares of Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, Jefferies Financial Group upped their target price on shares of Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Two research 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $226.32.

Snowflake 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.