Lyell Wealth Management LP Has $13.24 Million Position in Snowflake Inc. $SNOW

Key Points

• Lyell Wealth Management LP reduced its holdings in Snowflake Inc. by 2.5%, currently owning 59,176 shares valued at approximately $13.24 million.
• Snowflake reported a 31.8% increase in revenue year-over-year, with quarterly earnings of $0.35 per share, exceeding expectations.
• Recent analyst ratings on Snowflake show strong optimism, with numerous firms raising their price targets, suggesting potential for continued growth in the stock's value.

Lyell Wealth Management LP lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 2.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 59,176 shares of the company's stock after selling 1,509 shares during the period. Lyell Wealth Management LP's holdings in Snowflake were worth $13,242,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in SNOW. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake during the second quarter worth $25,000. Golden State Wealth Management LLC grew its position in shares of Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after buying an additional 187 shares during the period. Tradewinds Capital Management LLC grew its position in shares of Snowflake by 53.1% during the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after buying an additional 85 shares during the period. Alpine Bank Wealth Management bought a new stake in shares of Snowflake in the 1st quarter valued at about $43,000. Finally, MRP Capital Investments LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Trading Up 0.3%

Shares of NYSE:SNOW opened at $240.68 on Monday. The company's fifty day simple moving average is $222.38 and its 200 day simple moving average is $202.40. The firm has a market cap of $81.54 billion, a price-to-earnings ratio of -58.00 and a beta of 1.21. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 12 month low of $113.23 and a 12 month high of $255.39.

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

Insider Transactions at Snowflake

In other Snowflake news, CAO Emily Ho sold 1,658 shares of the company's stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the transaction, the chief accounting officer owned 31,745 shares of the company's stock, valued at $7,150,561.25. This represents a 4.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 7,551 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the transaction, the director directly owned 153,226 shares of the company's stock, valued at $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Corporate insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Macquarie boosted their price objective on shares of Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Wedbush lifted their price target on shares of Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Stifel Nicolaus boosted their price target on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Robert W. Baird upped their price objective on shares of Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Finally, Needham & Company LLC raised their price objective on Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $256.71.

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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