Charles Schwab Investment Management Inc. Boosts Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Snowflake Inc. by 4.8%, resulting in ownership of about 1.39 million shares valued at $203.86 million.
• Insiders have sold over 3 million shares of Snowflake stock recently, with notable sales by CFO Michael Scarpelli and Director Frank Slootman, leading to a substantial decrease in their holdings.
• Snowflake's stock has shown a 52-week high of $229.27, with current market performance indicating a consensus rating of "Moderate Buy" and a target price of $226.73 from analysts.

Charles Schwab Investment Management Inc. increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 4.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,394,792 shares of the company's stock after buying an additional 64,268 shares during the period. Charles Schwab Investment Management Inc. owned 0.42% of Snowflake worth $203,863,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of SNOW. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake during the 1st quarter worth approximately $26,000. CVA Family Office LLC lifted 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 worth $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Institutional investors own 65.10% of the company's stock.

Snowflake Stock Up 0.6%

NYSE:SNOW traded up $1.12 during trading hours on Tuesday, reaching $192.92. The company had a trading volume of 3,942,217 shares, compared to its average volume of 3,888,328. 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 firm has a market cap of $64.41 billion, a price-to-earnings ratio of -45.82 and a beta of 1.22. The business's 50-day simple moving average is $213.29 and its two-hundred day simple moving average is $184.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm earned $0.14 earnings per share. The business's quarterly revenue was up 25.8% compared to the same quarter last year. On average, equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In related 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 transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. This trade represents 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 available at this link. Also, Director Frank Slootman sold 424,852 shares of the firm'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 directly 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. Insiders sold 3,014,642 shares of company stock worth $657,325,186 over the last ninety days. Insiders own 6.80% of the company's stock.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of recent analyst reports. DA Davidson reaffirmed a "buy" rating and set a $250.00 price target on shares of Snowflake in a report on Wednesday, June 4th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Snowflake in a report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 price target on shares of Snowflake in a report on Thursday, June 5th. JPMorgan Chase & Co. upped their price objective on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. Finally, CICC Research initiated coverage on shares of Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $226.73.

About Snowflake

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.