Primoris Wealth Advisors LLC Has $444,000 Stake in Snowflake Inc. $SNOW

Key Points

• Primoris Wealth Advisors LLC reduced its stake in Snowflake Inc. by 79.9% in Q2, owning 1,983 shares valued at $444,000 as of the latest report.
• Several large investors, including Kingstone Capital Partners and AQR Capital Management, have significantly increased their stakes in Snowflake, reflecting strong institutional interest.
• Brokerages such as Scotiabank and KeyCorp have raised their price targets for Snowflake, with the average target now at $256.18, suggesting continued positive outlook among analysts.

Primoris Wealth Advisors LLC trimmed its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 79.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,983 shares of the company's stock after selling 7,907 shares during the quarter. Primoris Wealth Advisors LLC's holdings in Snowflake were worth $444,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Kingstone Capital Partners Texas LLC bought a new stake in Snowflake in the second quarter valued at $3,900,134,000. Nuveen LLC bought a new stake in Snowflake in the first quarter valued at $555,847,000. AQR Capital Management LLC grew its position in Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after acquiring an additional 2,460,769 shares during the period. Price T Rowe Associates Inc. MD grew its position in Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after acquiring an additional 763,673 shares during the period. Finally, Amundi grew its position in Snowflake by 72.7% in the first quarter. Amundi now owns 1,808,250 shares of the company's stock valued at $252,974,000 after acquiring an additional 760,923 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on SNOW. Scotiabank upped their price target on Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. KeyCorp increased their target price on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Jefferies Financial Group increased their target price on Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Oppenheimer increased their target price on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Finally, Royal Bank Of Canada increased their target price on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a 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, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $256.18.

Insider Activity at Snowflake

In related news, CAO Emily Ho sold 1,658 shares of Snowflake stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares of the company's stock, valued at approximately $7,150,561.25. This trade represents a 4.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the sale, the director directly owned 153,226 shares in the company, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,182,434 shares of company stock valued at $270,280,661 over the last 90 days. Insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of SNOW opened at $240.20 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $255.39. The stock has a market cap of $81.38 billion, a P/E ratio of -57.88 and a beta of 1.21. The stock's 50-day moving average price is $221.40 and its two-hundred day moving average price is $201.00.

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

About Snowflake

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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