Dakota Wealth Management Buys 2,168 Shares of Snowflake Inc. $SNOW

Key Points

• Dakota Wealth Management increased its investment in Snowflake Inc. by purchasing an additional 2,168 shares, raising its total stake to 28,148 shares worth approximately $6.3 million.
• Insider sales were significant, with Director Michael L. Speiser and Director Frank Slootman selling over 760,000 shares combined, indicating a substantial decrease in their ownership.
• Wall Street analysts are optimistic about Snowflake, with numerous firms raising their price targets and giving it an average rating of "Moderate Buy" based on recent performance and growth potential.

Dakota Wealth Management boosted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 8.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,148 shares of the company's stock after purchasing an additional 2,168 shares during the period. Dakota Wealth Management's holdings in Snowflake were worth $6,299,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Perigon Wealth Management LLC boosted its stake in shares of Snowflake by 18.2% in the 2nd quarter. Perigon Wealth Management LLC now owns 8,367 shares of the company's stock worth $1,872,000 after buying an additional 1,287 shares during the last quarter. Jeppson Wealth Management LLC purchased a new position in Snowflake in the second quarter worth about $274,000. Oxinas Partners Wealth Management LLC purchased a new position in Snowflake in the second quarter worth about $306,000. Ballentine Partners LLC grew its stake in shares of Snowflake by 63.2% during the 2nd quarter. Ballentine Partners LLC now owns 3,045 shares of the company's stock valued at $681,000 after purchasing an additional 1,179 shares during the period. Finally, Norden Group LLC increased its position in shares of Snowflake by 2.4% during the 2nd quarter. Norden Group LLC now owns 9,105 shares of the company's stock valued at $2,037,000 after purchasing an additional 213 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $221.47, for a total transaction of $11,148,356.86. Following the completion of the transaction, the director directly owned 36,956 shares of the company's stock, valued at approximately $8,184,645.32. This trade represents a 57.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,467,638 shares of company stock valued at $552,997,570. 6.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of research reports. Jefferies Financial Group raised their price objective on shares of Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Citigroup reiterated an "outperform" rating on shares of Snowflake in a research note on Thursday, August 28th. Wells Fargo & Company boosted their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Rosenblatt Securities upped their price objective on Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, KeyCorp lifted their target price on Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Stock Performance

NYSE SNOW opened at $221.74 on Friday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99. The business has a 50-day moving average price of $214.13 and a 200-day moving average price of $192.43. The firm has a market cap of $75.12 billion, a price-to-earnings ratio of -53.43 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the previous year, the firm earned $0.18 EPS. The firm's revenue was up 31.8% compared to the same quarter last year. As a group, equities research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal 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.

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