Modus Advisors LLC Purchases Shares of 1,261 Snowflake Inc. $SNOW

Key Points

• Modus Advisors LLC has acquired 1,261 shares of Snowflake Inc. valued at approximately $282,000, according to a recent 13F filing.
• Snowflake reported a quarterly revenue of $1.14 billion, exceeding analyst estimates, with an earnings per share (EPS) of $0.35, beating the consensus estimate of $0.27.
• Several analysts have raised their target prices for Snowflake shares, with Goldman Sachs increasing theirs from $230.00 to $260.00, and Jefferies Financial Group setting a new target of $270.00, maintaining a "buy" rating.

Modus Advisors LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,261 shares of the company's stock, valued at approximately $282,000.

A number of other hedge funds also recently modified their holdings of the stock. Ignite Planners LLC lifted its stake in shares of Snowflake by 2.3% during the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after buying an additional 64 shares during the last quarter. Archford Capital Strategies LLC lifted its stake in shares of Snowflake by 1.9% during the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after buying an additional 68 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Snowflake by 8.9% during the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after buying an additional 68 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after buying an additional 73 shares during the last quarter. Finally, WD Rutherford LLC lifted its stake in shares of Snowflake by 0.6% during the 1st quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock worth $1,795,000 after buying an additional 79 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Price Performance

SNOW stock opened at $221.17 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 12 month low of $108.71 and a 12 month high of $249.99. The firm has a market cap of $73.84 billion, a P/E ratio of -53.29 and a beta of 1.22. The company's 50-day moving average price is $212.83 and its two-hundred day moving average price is $189.09.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating 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 firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period last year, the firm earned $0.18 EPS. The business's quarterly revenue was up 31.8% compared to the same quarter last year. On average, analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares of the company's stock, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 3,224,389 shares of company stock valued at $719,812,350. 6.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNOW. Jefferies Financial Group raised their target price on shares of Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Loop Capital raised their price target on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. The Goldman Sachs Group raised their price target on shares of Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Wells Fargo & Company raised their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.