Lido Advisors LLC Buys 88,503 Shares of Snowflake Inc. $SNOW

Key Points

• Lido Advisors LLC boosted its Snowflake stake by 281.3% in the first quarter, buying 88,503 additional shares to bring its total to 119,963 shares worth about $18.1 million.
• Snowflake shares were down 0.9% in Friday trading, though the stock remains near its 52-week high after a strong run; it opened at $265.27 with a market value of about $91.94 billion.
• Analysts remain bullish after Snowflake beat quarterly earnings and revenue estimates, with several firms raising price targets; the consensus rating is Moderate Buy with an average target price of $296.27.

Lido Advisors LLC increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 281.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 119,963 shares of the company's stock after acquiring an additional 88,503 shares during the period. Lido Advisors LLC's holdings in Snowflake were worth $18,093,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new position in shares of Snowflake in the fourth quarter valued at approximately $28,000. Greenline Wealth Management LLC bought a new stake in shares of Snowflake during the 4th quarter worth $29,000. Physician Wealth Advisors Inc. boosted its holdings in shares of Snowflake by 56.0% during the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after buying an additional 51 shares during the period. Emerald Advisers LLC grew its stake in 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 last quarter. Finally, MV Capital Management Inc. acquired a new position in Snowflake in the 4th quarter valued at $32,000. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Down 0.9%

Shares of Snowflake stock opened at $265.27 on Friday. The firm has a market capitalization of $91.94 billion, a PE ratio of -75.36 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The company's fifty day moving average price is $236.90 and its two-hundred day moving average price is $194.86. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SNOW shares. Bank of America upped their price target on shares of Snowflake from $205.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Cantor Fitzgerald upped their price target on Snowflake from $225.00 to $282.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. HSBC set a $289.00 price objective on shares of Snowflake and gave the stock a "buy" rating in a research note on Friday, May 29th. Jefferies Financial Group upped their target price on shares of Snowflake from $300.00 to $310.00 and gave the company a "buy" rating in a research note on Monday. Finally, Mizuho raised their price target on shares of Snowflake from $220.00 to $295.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Thirty-four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $296.27.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 437,076 shares of the firm's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the transaction, the director owned 38,046 shares in the company, valued at $9,603,951.78. This trade represents a 91.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director directly owned 8,801 shares in the company, valued at $2,200,250. The trade was a 91.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,802,015 shares of company stock valued at $421,739,629 over the last quarter. Corporate insiders own 4.80% of the company's stock.

About Snowflake

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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