Perigon Wealth Management LLC Grows Holdings in Snowflake Inc. $SNOW

Key Points

• Perigon Wealth Management LLC has increased its holdings in Snowflake Inc. by 18.2%, owning 8,367 shares valued at approximately $1.87 million after additional purchases in the 2nd quarter.
• Snowflake reported a revenue increase of 31.8% year-over-year, with quarterly earnings of $0.35 per share, beating estimates of $0.27.
• Research analysts have raised their price targets for Snowflake, predicting an average target of $255.53 and maintaining a consensus rating of "Moderate Buy."

Perigon Wealth Management LLC increased its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 18.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,367 shares of the company's stock after buying an additional 1,287 shares during the period. Perigon Wealth Management LLC's holdings in Snowflake were worth $1,872,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake during the 1st quarter worth $26,000. CVA Family Office LLC increased its stake in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares during the period. Golden State Wealth Management LLC increased its stake in 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 holdings in 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 acquiring an additional 85 shares in the last quarter. Finally, CX Institutional acquired a new position in Snowflake during the 1st quarter worth $42,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

Shares of SNOW opened at $224.64 on Friday. The company's 50 day moving average price is $214.29 and its 200 day moving average price is $192.94. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The company has a market capitalization of $76.11 billion, a PE ratio of -54.13 and a beta of 1.22. 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 (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.09 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The firm's revenue was up 31.8% on a year-over-year basis. Research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 2,611 shares of the business's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $230.48, for a total value of $601,783.28. Following the completion of the sale, the executive vice president directly owned 542,450 shares of the company's stock, valued at $125,023,876. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Emily Ho sold 1,658 shares of the business'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 sale, the chief accounting officer directly owned 31,745 shares of the company's stock, valued at $7,150,561.25. This represents a 4.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,469,296 shares of company stock valued at $553,371,035. 6.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SNOW shares. Canaccord Genuity Group raised their price objective on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Needham & Company LLC lifted their price target on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Morgan Stanley lifted their price objective on shares of Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Evercore ISI boosted their price target on shares of Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Finally, Macquarie boosted their price target on shares of Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.

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