Independent Financial Group LLC Makes New Investment in Snowflake Inc. $SNOW

Key Points

• Independent Financial Group LLC opened a new position in Snowflake during the first quarter, buying 7,288 shares valued at about $1.1 million.
• Wall Street sentiment remains mostly bullish, with several firms raising price targets; Snowflake currently has a consensus rating of Moderate Buy and an average target price of $296.27.
• Snowflake’s latest earnings beat expectations, with quarterly EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion, up 33.5% year over year.

Independent Financial Group LLC purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,288 shares of the company's stock, valued at approximately $1,099,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SNOW. Kemnay Advisory Services Inc. acquired a new position in Snowflake during the 4th quarter worth $28,000. Greenline Wealth Management LLC acquired a new stake in Snowflake in the 4th quarter valued at about $29,000. Physician Wealth Advisors Inc. boosted its stake in shares of Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock valued at $31,000 after buying an additional 51 shares during the period. Emerald Advisers LLC boosted its stake in shares of Snowflake by 95.2% in the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company's stock valued at $31,000 after buying an additional 100 shares during the period. Finally, MV Capital Management Inc. acquired a new position in shares of Snowflake during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SNOW shares. HSBC set a $289.00 target price on shares of Snowflake and gave the stock a "buy" rating in a research note on Friday, May 29th. TD Cowen reiterated a "buy" rating and issued a $300.00 price target on shares of Snowflake in a research note on Wednesday, June 3rd. Citigroup boosted their price target on shares of Snowflake from $260.00 to $320.00 and gave the stock a "buy" rating in a report on Friday, May 29th. Stifel Nicolaus raised their price objective on shares of Snowflake from $205.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Finally, Sanford C. Bernstein lifted their price objective on shares of Snowflake from $195.00 to $250.00 and gave the stock a "market perform" rating in a research report on Thursday, May 28th. Thirty-four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $296.27.

Snowflake Stock Performance

Shares of SNOW opened at $274.92 on Tuesday. The company has a market capitalization of $95.29 billion, a price-to-earnings ratio of -78.10 and a beta of 1.35. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The stock has a 50 day moving average price of $229.90 and a 200 day moving average price of $193.81.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. The company had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The firm's revenue for the quarter was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. Research analysts predict that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $141.60, for a total value of $7,127,860.80. Following the completion of the transaction, the director owned 28,556 shares in the company, valued at $4,043,529.60. This represents a 63.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director directly owned 8,801 shares in the company, valued at approximately $2,200,250. The trade was a 91.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,802,015 shares of company stock valued at $421,739,629 in the last ninety days. Insiders own 4.80% of the company's stock.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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