QTR Family Wealth LLC Makes New Investment in Snowflake Inc. $SNOW

Key Points

• QTR Family Wealth LLC has made a new investment in Snowflake Inc., purchasing 1,177 shares valued at approximately $263,000 during the second quarter.
• In the past quarter, insiders at Snowflake have sold a total of 1,759,924 shares valued at $397,943,442, indicating significant movements in ownership.
• Despite the sales by insiders, several brokerages have issued positive outlooks, with the average target price for Snowflake stock set at $255.53 and many analysts rating it a "Moderate Buy."

QTR Family Wealth LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,177 shares of the company's stock, valued at approximately $263,000.

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

Insider Activity at Snowflake

In other news, CAO Emily Ho sold 1,658 shares of the business's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer directly owned 31,745 shares of the company's stock, valued at approximately $7,150,561.25. The trade was a 4.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 7,551 shares of the company'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 completion of the transaction, the director owned 153,226 shares in the company, valued at approximately $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. Insiders have sold 1,759,924 shares of company stock valued at $397,943,442 in the last ninety days. Insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SNOW. CICC Research assumed coverage on shares of Snowflake in a research report on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price on the stock. Oppenheimer lifted their price objective on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. JMP Securities reiterated a "market outperform" rating and set a $260.00 price objective on shares of Snowflake in a research note on Tuesday, August 26th. Canaccord Genuity Group increased their target price on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Up 0.2%

Shares of NYSE SNOW opened at $225.60 on Wednesday. The company has a market capitalization of $76.43 billion, a P/E ratio of -54.36 and a beta of 1.22. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a 50 day simple moving average of $214.75 and a 200-day simple moving average of $194.23. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99.

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