Fortis Capital Advisors LLC Buys Shares of 4,320 Snowflake Inc. $SNOW

Key Points

• Fortis Capital Advisors LLC has acquired 4,320 shares of Snowflake Inc. (NYSE: SNOW), valued at approximately $967,000, highlighting increased institutional interest in the stock.
• Analysts have raised their price targets for Snowflake, with Needham & Company setting a target of $280 and multiple firms assigning "buy" ratings, suggesting a positive outlook for the company's performance.
• Despite the optimistic analyst ratings, Snowflake's stock price has recently experienced a decline, currently trading at $235.42, down 2.1%.

Fortis Capital Advisors LLC bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 4,320 shares of the company's stock, valued at approximately $967,000.

Other hedge funds have also recently bought and sold shares of the company. Capital Advantage Inc. boosted its stake in shares of Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company's stock valued at $987,000 after purchasing an additional 48 shares in the last quarter. Ignite Planners LLC boosted its stake in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after purchasing an additional 64 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in shares of Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after purchasing an additional 68 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after purchasing an additional 68 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SNOW shares. Monness Crespi & Hardt raised their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Stifel Nicolaus raised their price target on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Stephens assumed coverage on shares of Snowflake in a research report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. Needham & Company LLC lifted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Sanford C. Bernstein lifted their target price on shares of Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Stock Down 2.1%

Snowflake stock opened at $235.42 on Friday. 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 Inc. has a 52-week low of $111.15 and a 52-week high of $249.99. The firm has a 50 day moving average price of $215.94 and a two-hundred day moving average price of $195.62. The firm has a market cap of $79.76 billion, a price-to-earnings ratio of -56.73 and a beta of 1.21.

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

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction that occurred 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 owned 36,956 shares in the company, valued at approximately $8,184,645.32. This trade represents a 57.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,601,630 shares of company stock worth $362,990,571 in the last 90 days. 6.80% of the stock is owned by company insiders.

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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