Lewis Asset Management LLC Invests $492,000 in Snowflake Inc. $SNOW

Key Points

• Lewis Asset Management LLC invested approximately $492,000 in Snowflake Inc. by acquiring 2,199 shares during the 2nd quarter.
• A significant number of institutional investors have increased their positions in Snowflake, with Toth Financial Advisory Corp rising its holdings by 3,500%.
• Snowflake recently reported a quarterly revenue of $1.14 billion, exceeding expectations, with earnings per share at $0.35, surpassing the consensus estimate.

Lewis Asset Management LLC bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,199 shares of the company's stock, valued at approximately $492,000.

A number of other large investors have also made changes to their positions in the stock. Toth Financial Advisory Corp increased its holdings in shares of Snowflake by 3,500.0% in the 2nd quarter. Toth Financial Advisory Corp now owns 3,600 shares of the company's stock valued at $806,000 after purchasing an additional 3,500 shares in the last quarter. Whitener Capital Management Inc. purchased a new position in shares of Snowflake in the 2nd quarter valued at about $219,000. Park Avenue Securities LLC purchased a new position in shares of Snowflake in the 2nd quarter valued at about $2,331,000. Avanza Fonder AB purchased a new position in shares of Snowflake in the 2nd quarter valued at about $4,595,000. Finally, Abacus FCF Advisors LLC purchased a new position in shares of Snowflake in the 2nd quarter valued at about $8,302,000. 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. Stephens began coverage on shares of Snowflake in a report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target for the company. Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Piper Sandler increased their price target on shares of Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Morgan Stanley increased their price target on shares of Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Finally, Monness Crespi & Hardt raised their target price on shares of Snowflake from $245.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Price Performance

SNOW opened at $230.40 on Monday. The company's 50 day simple moving average is $213.16 and its 200 day simple moving average is $190.98. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99. The stock has a market capitalization of $78.06 billion, a PE ratio of -55.52 and a beta of 1.22.

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

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 2,975 shares of Snowflake stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $658,189.00. Following the transaction, the executive vice president directly owned 547,724 shares of the company's stock, valued at $121,178,457.76. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $224.84, for a total transaction of $90,610.52. Following the transaction, the director directly owned 25,733 shares in the company, valued at approximately $5,785,807.72. This trade represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,222,036 shares of company stock valued at $719,457,410. 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.

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