Quent Capital LLC Acquires 21,824 Shares of Snowflake Inc. $SNOW

Key Points

• Quent Capital LLC significantly increased its stake in Snowflake Inc. by acquiring 21,824 shares, representing a boost of 21,396.1% during the second quarter, bringing its total holdings to 21,926 shares valued at approximately $4.9 million.
• Several analysts have raised their price targets for Snowflake Inc., with Piper Sandler setting a new target price at $285, reflecting a growing confidence in the company's performance and an overall rating of "overweight."
• Snowflake reported a 31.8% year-over-year revenue increase for the recent quarter, achieving $1.14 billion in revenue and exceeding analyst expectations, with earnings per share at $0.35 compared to the expected $0.27.

Quent Capital LLC boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 21,396.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,926 shares of the company's stock after acquiring an additional 21,824 shares during the quarter. Quent Capital LLC's holdings in Snowflake were worth $4,906,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SNOW. Opal Wealth Advisors LLC acquired a new position in shares of Snowflake during the 1st quarter valued at $26,000. CVA Family Office LLC lifted its position in shares of Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. Golden State Wealth Management LLC lifted its position in shares of Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after acquiring an additional 187 shares during the period. HighMark Wealth Management LLC lifted its position in shares of Snowflake by 200.0% during the 2nd quarter. HighMark Wealth Management LLC now owns 225 shares of the company's stock valued at $50,000 after acquiring an additional 150 shares during the period. Finally, Raleigh Capital Management Inc. acquired a new position in shares of Snowflake during the 2nd quarter valued at $53,000. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SNOW shares. Piper Sandler boosted their target price on shares of Snowflake from $215.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. BTIG Research boosted their target price on shares of Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. KeyCorp upped their price objective on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Jefferies Financial Group upped their price objective on shares of Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Morgan Stanley upped their target price on shares of Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Price Performance

SNOW opened at $235.42 on Friday. The firm has a market cap of $79.76 billion, a P/E ratio of -56.73 and a beta of 1.21. The firm has a 50-day moving average of $215.94 and a 200 day moving average of $195.62. 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 Inc. has a fifty-two week low of $111.15 and a fifty-two week high of $249.99.

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

Insider Activity at Snowflake

In related news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the transaction, the executive vice president owned 527,336 shares of the company's stock, valued at approximately $123,132,956. The trade was a 1.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,601,630 shares of company stock worth $362,990,571 in the last ninety days. Corporate insiders own 6.80% of the company's stock.

Snowflake 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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