Earned Wealth Advisors LLC Buys New Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Earned Wealth Advisors LLC made a significant investment in Snowflake Inc., acquiring 3,028 shares valued at approximately $443,000 during the first quarter of the year.
• Several hedge funds saw substantial increases in their positions in Snowflake, with some firms like Wellington Management and Alliancebernstein increasing their stakes by over 1,300% and 132%, respectively, during the last quarter.
• Snowflake reported a quarterly revenue of $1.04 billion, marking a 25.8% year-over-year increase, and beat earnings per share estimates with reported earnings of $0.24 per share.

Earned Wealth Advisors LLC acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,028 shares of the company's stock, valued at approximately $443,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNOW. Opal Wealth Advisors LLC bought a new position in Snowflake during the first quarter valued at approximately $26,000. CVA Family Office LLC raised its position in Snowflake by 80.0% during the first 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. bought a new position in Snowflake during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake during the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC acquired a new position in Snowflake during the fourth quarter valued at approximately $31,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on SNOW. Raymond James Financial restated an "outperform" rating and issued a $212.00 price objective (up previously from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Monness Crespi & Hardt raised their target price on Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Evercore ISI reaffirmed a "buy" rating on shares of Snowflake in a research report on Wednesday, June 4th. DA Davidson reissued a "buy" rating and set a $250.00 price objective on shares of Snowflake in a report on Wednesday, June 4th. Finally, Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Two investment 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $226.73.

Snowflake Price Performance

Shares of SNOW traded up $4.82 during trading hours on Wednesday, hitting $210.59. 3,233,658 shares of the company were exchanged, compared to its average volume of 3,513,548. The company has a market cap of $70.31 billion, a price-to-earnings ratio of -50.02 and a beta of 1.22. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27. 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's fifty day moving average is $214.04 and its 200 day moving average is $183.36.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. Snowflake's quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 EPS. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the business'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 completion of the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,014,642 shares of company stock worth $657,325,186. Company insiders own 6.80% of the company's stock.

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.