Kovitz Investment Group Partners LLC Buys 1,668 Shares of Snowflake Inc. $SNOW

Key Points

• Kovitz Investment Group Partners LLC increased its holdings in Snowflake Inc. by 73.9%, acquiring an additional 1,668 shares, bringing their total to 3,924 shares worth $573,000.
• Analysts are optimistic about Snowflake Inc., with an average rating of "Moderate Buy" and a price target of $226.86, following recent upgrades by Bank of America and Barclays.
• Insider trading reports reveal that Snowflake directors sold over 3 million shares in the last quarter, indicating a significant decrease in their ownership positions.

Kovitz Investment Group Partners LLC grew its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 73.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,924 shares of the company's stock after purchasing an additional 1,668 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Snowflake were worth $573,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SNOW. Brighton Jones LLC raised its holdings in shares of Snowflake by 90.0% in 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 in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Snowflake by 30.3% in 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 in the last quarter. Commerce Bank raised its holdings in shares of Snowflake by 6.0% in 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 in the last quarter. GeoWealth Management LLC raised its holdings in shares of Snowflake by 51.8% in 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 in the last quarter. Finally, MML Investors Services LLC raised its holdings 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 valued at $6,742,000 after purchasing an additional 12,850 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SNOW. BTIG Research restated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Barclays reiterated an "overweight" rating and set a $219.00 price objective (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $220.00 to $240.00 in a research note on Wednesday. Scotiabank reissued an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Sanford C. Bernstein reissued a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $226.86.

Snowflake Stock Up 1.0%

NYSE:SNOW opened at $194.6370 on Thursday. The company has a market cap of $64.98 billion, a PE ratio of -46.23 and a beta of 1.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve 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. The company's 50 day moving average is $211.66 and its two-hundred day moving average is $184.80.

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. Analysts anticipate that Snowflake Inc. will post -2.36 EPS 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 3,009,642 shares of company stock valued at $656,325,186 over the last quarter. Insiders own 6.80% of the company's stock.

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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