Circle Wealth Management LLC Purchases 6,916 Shares of Snowflake Inc. $SNOW

Key Points

• Circle Wealth Management LLC increased its stake in Snowflake Inc. by 39.5%, owning 24,446 shares valued at $3.57 million after acquiring 6,916 additional shares in the 1st quarter.
• Snowflake reported a quarterly revenue of $1.04 billion, surpassing estimates, with earnings per share of $0.24, which exceeded the consensus of $0.22.
• Recent analyst upgrades include Loop Capital raising its price target from $220 to $245, reflecting continued positive sentiment around the stock, which holds an average price target of $226.86.

Circle Wealth Management LLC increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 39.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,446 shares of the company's stock after purchasing an additional 6,916 shares during the period. Circle Wealth Management LLC's holdings in Snowflake were worth $3,573,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Nuveen LLC acquired a new position in Snowflake during the first quarter valued at approximately $555,847,000. Price T Rowe Associates Inc. MD raised its holdings in Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares in the last quarter. Invesco Ltd. boosted its position in shares of Snowflake by 26.5% during the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after purchasing an additional 647,176 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Snowflake by 157.0% in the 4th quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock valued at $142,955,000 after buying an additional 565,561 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the sale, the executive vice president owned 537,336 shares of the company's stock, valued at approximately $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 1,146 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total value of $249,530.04. Following the transaction, the director directly owned 4,474 shares of the company's stock, valued at $974,168.76. This trade represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,916,826 shares of company stock valued at $637,835,052 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SNOW shares. JMP Securities raised their price objective on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Friday, July 18th. Oppenheimer restated an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Evercore ISI reiterated a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Hsbc Global Res lowered Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Finally, Truist Financial increased their target price on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $230.22.

Snowflake Stock Up 1.1%

NYSE:SNOW traded up $2.1110 during trading hours on Friday, reaching $196.7910. 3,096,066 shares of the stock were exchanged, compared to its average volume of 4,219,872. The stock has a market cap of $65.70 billion, a PE ratio of -46.74 and a beta of 1.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The firm has a 50 day moving average of $211.11 and a 200 day moving average of $184.90. 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 (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current 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.