IFP Advisors Inc Increases Stake in Snowflake Inc. (NYSE:SNOW)

IFP Advisors Inc lifted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 96.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,572 shares of the company's stock after purchasing an additional 4,703 shares during the period. IFP Advisors Inc's holdings in Snowflake were worth $1,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Natixis Advisors LLC purchased a new position in shares of Snowflake in the 4th quarter worth approximately $1,837,000. Teacher Retirement System of Texas boosted its stake in Snowflake by 782.2% in the 4th quarter. Teacher Retirement System of Texas now owns 17,793 shares of the company's stock worth $2,747,000 after purchasing an additional 15,776 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in Snowflake by 32.6% in the 4th quarter. TD Private Client Wealth LLC now owns 764 shares of the company's stock worth $118,000 after purchasing an additional 188 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Snowflake during the 4th quarter valued at approximately $459,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 67,000 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the transaction, the director owned 7,428 shares of the company's stock, valued at approximately $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,718,258 shares of company stock valued at $589,762,906 in the last three months. Company insiders own 6.80% of the company's stock.

Snowflake Stock Performance

Shares of SNOW opened at $212.67 on Wednesday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $226.60. The firm has a market cap of $71.00 billion, a price-to-earnings ratio of -50.52 and a beta of 1.22. The business's 50 day moving average is $207.75 and its two-hundred day moving average is $179.21. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion during 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 revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. Analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research reports. Piper Sandler reaffirmed an "overweight" rating and set a $215.00 target price (up previously from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Loop Capital increased their price target on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. BTIG Research reissued a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Mizuho increased their price target on shares of Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Two equities 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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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