Kaufman Rossin Wealth LLC Buys New Stake in Snowflake Inc. $SNOW

Key Points

• Kaufman Rossin Wealth LLC acquired a new position in Snowflake Inc., purchasing 4,870 shares valued at approximately $712,000, making it the firm's 26th largest investment.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Snowflake, with price targets ranging from $210.00 to $250.00.
• Insider trading activity has seen significant sales, including Christian Kleinerman selling 10,000 shares for $2.16 million, reflecting a 1.83% decrease in their holdings.

Kaufman Rossin Wealth LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,870 shares of the company's stock, valued at approximately $712,000. Snowflake accounts for about 0.5% of Kaufman Rossin Wealth LLC's investment portfolio, making the stock its 26th largest position.

A number of other institutional investors have also added to or reduced their stakes in SNOW. Brighton Jones LLC increased its position in Snowflake by 90.0% during the 4th 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 period. NewEdge Advisors LLC increased its position in Snowflake by 30.3% during the 4th quarter. NewEdge Advisors LLC now owns 11,280 shares of the company's stock valued at $1,742,000 after purchasing an additional 2,623 shares during the period. Commerce Bank increased its position in Snowflake by 6.0% during the 4th quarter. Commerce Bank now owns 5,793 shares of the company's stock valued at $894,000 after purchasing an additional 328 shares during the period. GeoWealth Management LLC increased its position in Snowflake by 51.8% during the 4th quarter. GeoWealth Management LLC now owns 1,125 shares of the company's stock valued at $174,000 after purchasing an additional 384 shares during the period. Finally, MML Investors Services LLC grew its position in shares of Snowflake by 41.7% in the 4th quarter. MML Investors Services LLC now owns 43,662 shares of the company's stock worth $6,742,000 after buying an additional 12,850 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SNOW. JMP Securities lifted their price objective on shares of Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Friday, July 18th. BTIG Research reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Scotiabank reaffirmed an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. CICC Research began coverage on shares of Snowflake in a research report on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective on the stock. Finally, Mizuho lifted their price objective 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. Three analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $230.22.

Snowflake Stock Performance

NYSE:SNOW traded up $2.1110 during trading hours on Friday, hitting $196.7910. 3,096,066 shares of the company were exchanged, compared to its average volume of 4,227,432. The stock has a market capitalization of $65.70 billion, a price-to-earnings ratio of -46.74 and a beta of 1.22. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The company's 50 day moving average price is $211.11 and its 200-day moving average price is $184.91.

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, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business's revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. As a group, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, Director Frank Slootman sold 256,046 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $227.15, for a total value of $58,160,848.90. Following the sale, the director directly owned 165,507 shares of the company's stock, valued at $37,594,915.05. This represents a 60.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa Briggs sold 1,146 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total transaction of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares in the company, valued at $974,168.76. This trade represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,916,826 shares of company stock valued at $637,835,052 over the last quarter. Insiders own 6.80% of the company's stock.

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.