Farther Finance Advisors LLC Boosts Holdings in Snowflake Inc. $SNOW

Key Points

• Farther Finance Advisors LLC increased its holdings in Snowflake Inc. by 101.6% during the second quarter, owning 9,679 shares valued at approximately $2.17 million.
• Analysts have raised their price targets for Snowflake, with Goldman Sachs increasing it from $230 to $260 and Royal Bank of Canada from $250 to $275, indicating strong buy ratings.
• In its latest earnings report, Snowflake surpassed estimates with $0.35 EPS and revenue of $1.14 billion, showing a year-over-year revenue increase of 31.8%.

Farther Finance Advisors LLC lifted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 101.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 9,679 shares of the company's stock after purchasing an additional 4,878 shares during the quarter. Farther Finance Advisors LLC's holdings in Snowflake were worth $2,166,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. CX Institutional grew its holdings in shares of Snowflake by 31.0% during the 2nd quarter. CX Institutional now owns 372 shares of the company's stock worth $83,000 after purchasing an additional 88 shares during the period. Diversified Trust Co grew its holdings in shares of Snowflake by 2.6% during the 2nd quarter. Diversified Trust Co now owns 5,732 shares of the company's stock worth $1,283,000 after purchasing an additional 143 shares during the period. Perpetual Ltd grew its holdings in shares of Snowflake by 23.1% during the 2nd quarter. Perpetual Ltd now owns 14,800 shares of the company's stock worth $3,312,000 after purchasing an additional 2,774 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Snowflake during the 2nd quarter worth about $3,900,134,000. Finally, IFM Investors Pty Ltd grew its holdings in shares of Snowflake by 12.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 60,616 shares of the company's stock worth $13,564,000 after purchasing an additional 6,596 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SNOW shares. The Goldman Sachs Group boosted their target price on Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. boosted their target price on Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Monness Crespi & Hardt upped their price target on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Citigroup restated an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Royal Bank Of Canada upped their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

SNOW stock opened at $229.41 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market cap of $77.72 billion, a P/E ratio of -55.28 and a beta of 1.22. Snowflake Inc. has a 12-month low of $108.71 and a 12-month high of $249.99. The stock's 50 day simple moving average is $213.48 and its 200 day simple moving average is $191.47.

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

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 7,551 shares of the company's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This represents a 4.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 2,975 shares of the company's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $658,189.00. Following the transaction, the executive vice president owned 547,724 shares of the company's stock, valued at approximately $121,178,457.76. The trade was a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,201,381 shares of company stock valued at $714,896,508. Corporate 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.

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