Merit Financial Group LLC Buys 14,828 Shares of Snowflake Inc. (NYSE:SNOW)

Merit Financial Group LLC lifted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 464.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,019 shares of the company's stock after purchasing an additional 14,828 shares during the quarter. Merit Financial Group LLC's holdings in Snowflake were worth $2,634,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stonebridge Financial Group LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $29,000. West Paces Advisors Inc. acquired a new stake in Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $31,000. Capital A Wealth Management LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $31,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in Snowflake during the 4th quarter worth approximately $32,000. 65.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SNOW shares. Wolfe Research upgraded shares of Snowflake from a "peer perform" rating to an "outperform" rating and set a $235.00 price target on the stock in a research report on Tuesday, February 18th. Daiwa America upgraded shares of Snowflake to a "strong-buy" rating in a research report on Tuesday, April 1st. HSBC downgraded shares of Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Needham & Company LLC restated a "buy" rating and issued a $230.00 price target on shares of Snowflake in a research report on Thursday. Finally, BTIG Research restated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $221.28.

Insider Buying and Selling

In related news, EVP Christian Kleinerman sold 685 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total value of $100,859.40. Following the transaction, the executive vice president now directly owns 622,611 shares of the company's stock, valued at approximately $91,673,243.64. The trade was a 0.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at $60,090,389.60. This trade represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 849,779 shares of company stock valued at $159,318,643. 6.80% of the stock is owned by insiders.

Snowflake Stock Performance

NYSE SNOW opened at $209.99 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $214.83. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market cap of $70.11 billion, a price-to-earnings ratio of -61.94 and a beta of 1.21. The company has a fifty day moving average price of $168.14 and a 200-day moving average price of $168.59.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business posted $0.14 EPS. The business's revenue was up 25.8% compared to the same quarter last year. As a group, equities research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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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