HB Wealth Management LLC Has $576,000 Stake in Snowflake Inc. (NYSE:SNOW)

Key Points

• HB Wealth Management LLC increased its stake in Snowflake Inc. by 53.5% in the first quarter, holding shares valued at $576,000 as per their recent Form 13F filing.
• Insider selling activity is notable, with EVP Christian Kleinerman selling 10,000 shares for approximately $2.19 million and Director Frank Slootman selling 100,483 shares for around $22.46 million.
• Snowflake has received positive ratings from various analysts, with an average price target of $226.73 and multiple firms setting their price objectives above current trading levels.

HB Wealth Management LLC increased its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 53.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,944 shares of the company's stock after buying an additional 1,375 shares during the period. HB Wealth Management LLC's holdings in Snowflake were worth $576,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNOW. Opal Wealth Advisors LLC bought a new position in Snowflake in the first quarter valued at approximately $26,000. CVA Family Office LLC lifted its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the period. West Paces Advisors Inc. acquired a new position in Snowflake in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new position in Snowflake in the fourth quarter valued at $31,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of Snowflake during the fourth quarter valued at about $31,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total value of $2,188,900.00. Following the sale, the executive vice president directly owned 547,336 shares in the company, valued at $119,806,377.04. This represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 100,483 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $223.55, for a total transaction of $22,462,974.65. Following the completion of the sale, the director owned 165,507 shares in the company, valued at $36,999,089.85. This represents a 37.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,697,855 shares of company stock valued at $586,415,198. 6.80% of the stock is owned by company insiders.

Snowflake Stock Up 1.6%

SNOW opened at $223.83 on Friday. The company has a 50 day moving average of $213.78 and a 200 day moving average of $182.43. The company has a market cap of $74.73 billion, a PE ratio of -53.17 and a beta of 1.22. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $229.27. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

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

Wall Street Analysts Forecast Growth

SNOW has been the topic of several research reports. DA Davidson reiterated a "buy" rating and set a $250.00 price objective on shares of Snowflake in a report on Wednesday, June 4th. Robert W. Baird upped their price objective on shares of Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. upped their price objective on shares of Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. Jefferies Financial Group upped their price objective on shares of Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Stephens initiated coverage on shares of Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average price target of $226.73.

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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