Index Fund Advisors Inc. Acquires New Holdings in Snowflake Inc. $SNOW

Key Points

• Index Fund Advisors Inc. has acquired a new stake in Snowflake Inc., purchasing 3,542 shares valued at approximately $793,000 during Q2 2023.
• Insider trading saw significant activity, with Director Michael L. Speiser and Director Frank Slootman selling substantial portions of their shares, resulting in an overall decrease in their ownership percentage.
• Snowflake recently reported quarterly earnings, surpassing expectations with $0.35 EPS and $1.14 billion in revenue, representing a year-over-year revenue increase of 31.8%.

Index Fund Advisors Inc. acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,542 shares of the company's stock, valued at approximately $793,000.

Other large investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after acquiring an additional 650,775 shares during the last quarter. CenterBook Partners LP acquired a new stake in Snowflake in the 1st quarter valued at about $2,381,000. Berkshire Capital Holdings Inc. grew its stake in Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after acquiring an additional 7,150 shares during the last quarter. Lyell Wealth Management LP grew its stake in Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after acquiring an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in Snowflake in the 1st quarter valued at about $898,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $208.69, for a total value of $10,505,037.22. Following the transaction, the director owned 36,116 shares in the company, valued at approximately $7,537,048.04. This trade represents a 58.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. Insiders own 6.80% of the company's stock.

Snowflake Trading Down 3.3%

Shares of SNOW stock opened at $242.52 on Monday. The firm has a market cap of $82.17 billion, a P/E ratio of -58.44 and a beta of 1.21. Snowflake Inc. has a 1-year low of $113.23 and a 1-year high of $255.39. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The firm's 50-day simple moving average is $218.64 and its 200-day simple moving average is $199.11.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SNOW. Mizuho increased their price objective on shares of Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Canaccord Genuity Group upped their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Wedbush upped their target price on shares of Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Royal Bank Of Canada upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and upped their target price for the company from $220.00 to $240.00 in a report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average target price of $256.18.

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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