Gerber Kawasaki Wealth & Investment Management Acquires 8,373 Shares of Snowflake Inc. $SNOW

Key Points

• Gerber Kawasaki increased its Snowflake stake by 300.2% in the third quarter, purchasing 8,373 additional shares and bringing its holdings to 11,162 shares valued at approximately $3.79 million.
• Snowflake insiders sold more than 1.2 million shares worth approximately $396.9 million during the quarter, while institutional investors held 65.1% of the company’s stock.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $413.87; Snowflake also exceeded quarterly earnings and revenue estimates, reporting $1.55 billion in revenue.

Gerber Kawasaki Wealth & Investment Management boosted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 300.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,162 shares of the company's stock after purchasing an additional 8,373 shares during the period. Gerber Kawasaki Wealth & Investment Management's holdings in Snowflake were worth $3,790,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SNOW. Reyes Financial Architecture Inc. bought a new position in Snowflake during the third quarter valued at about $32,000. Mather Group LLC. raised its position in Snowflake by 98.0% in the third quarter. Mather Group LLC. now owns 101 shares of the company's stock worth $34,000 after acquiring an additional 50 shares during the period. Ninety One UK Ltd bought a new stake in Snowflake in the third quarter worth about $36,000. Fortitude Family Office LLC raised its position in Snowflake by 146.7% in the third quarter. Fortitude Family Office LLC now owns 111 shares of the company's stock worth $38,000 after acquiring an additional 66 shares during the period. Finally, GK Wealth Management LLC purchased a new position in Snowflake in the third quarter valued at about $41,000. Institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In other Snowflake news, CAO Emily Ho sold 768 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $332.93, for a total value of $255,690.24. Following the sale, the chief accounting officer owned 39,958 shares of the company's stock, valued at $13,303,216.94. This trade represents a 1.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $341.57, for a total value of $5,123,550.00. Following the sale, the executive vice president owned 313,738 shares of the company's stock, valued at approximately $107,163,488.66. This trade represents a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,206,443 shares of company stock worth $396,866,828. 4.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SNOW. UBS Group increased their target price on shares of Snowflake from $425.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. The Goldman Sachs Group lifted their price target on shares of Snowflake from $300.00 to $436.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Cantor Fitzgerald upped their price objective on Snowflake from $405.00 to $430.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Yorkville Ives began coverage on Snowflake in a research note on Monday, October 5th. They issued an "outperform" rating and a $400.00 price objective on the stock. Finally, Wells Fargo & Company increased their price objective on Snowflake from $500.00 to $525.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Thirty-six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $413.87.

Snowflake Stock Down 5.3%

SNOW opened at $289.86 on Tuesday. The firm has a market capitalization of $102.26 billion, a P/E ratio of -91.15 and a beta of 1.35. Snowflake Inc. has a one year low of $118.30 and a one year high of $384.56. The company has a fifty day moving average price of $331.03 and a 200-day moving average price of $240.16. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.17. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.48 billion. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The firm's revenue was up 35.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 earnings per share. Equities research analysts expect that Snowflake Inc. will post -1.42 earnings per share for the current fiscal year.

Snowflake Profile

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.

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