Concurrent Investment Advisors LLC Grows Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Concurrent Investment Advisors LLC increased its stake in Snowflake Inc. by 64.2% in the second quarter, resulting in a total ownership of 3,901 shares valued at approximately $873,000.
• Recent insider trading includes the sale of 11,801 shares by SVP Vivek Raghunathan, and 10,000 shares by EVP Christian Kleinerman, indicating a decline in their respective positions.
• Snowflake's most recent earnings report revealed a 31.8% year-over-year revenue increase to $1.14 billion, while the company expects to post a -2.36 EPS for the current year.

Concurrent Investment Advisors LLC increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 64.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,901 shares of the company's stock after buying an additional 1,525 shares during the period. Concurrent Investment Advisors LLC's holdings in Snowflake were worth $873,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SNOW. Johnson Investment Counsel Inc. bought a new position in Snowflake in the 2nd quarter worth about $262,000. waypoint wealth counsel raised its holdings in Snowflake by 97.1% in the second quarter. waypoint wealth counsel now owns 3,101 shares of the company's stock worth $694,000 after buying an additional 1,528 shares during the last quarter. 1858 Wealth Management LLC lifted its stake in shares of Snowflake by 16.3% in the second quarter. 1858 Wealth Management LLC now owns 2,595 shares of the company's stock worth $581,000 after buying an additional 364 shares in the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Snowflake by 5.0% during the second quarter. Apollon Wealth Management LLC now owns 11,195 shares of the company's stock valued at $2,505,000 after buying an additional 529 shares during the last quarter. Finally, Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake during the second quarter valued at approximately $25,000. 65.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Snowflake

In related news, SVP Vivek Raghunathan sold 11,801 shares of the firm's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the transaction, the executive vice president owned 527,336 shares in the company, valued at $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is owned by insiders.

Snowflake Trading Down 0.3%

Shares of NYSE:SNOW opened at $240.20 on Friday. The stock's 50-day simple moving average is $221.40 and its two-hundred day simple moving average is $201.00. The stock has a market capitalization of $81.38 billion, a price-to-earnings ratio of -57.88 and a beta of 1.21. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $255.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business's quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 EPS. Analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on SNOW. Raymond James Financial upped their price objective on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Needham & Company LLC upped their price target on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Morgan Stanley lifted their price objective on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Guggenheim reissued a "neutral" rating on shares of Snowflake in a research report on Thursday, August 28th. Finally, Wells Fargo & Company initiated coverage on shares of Snowflake in a report on Tuesday, September 30th. They set an "overweight" rating and a $275.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus price target of $256.18.

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.

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