Sequoia Financial Advisors LLC Raises Position in Snowflake Inc. $SNOW

Key Points

• Sequoia Financial Advisors LLC increased its holdings in Snowflake Inc. by 59% during the second quarter, owning a total of 27,905 shares worth approximately $6.24 million.
• Snowflake reported a 31.8% year-over-year increase in revenue for the last quarter, totaling $1.14 billion, and earnings per share of $0.35, surpassing analyst expectations.
• Analysts have raised their price targets for Snowflake’s stock, with a consensus target of $256.18, reflecting a generally positive outlook among the investment community.

Sequoia Financial Advisors LLC lifted its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 59.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,905 shares of the company's stock after buying an additional 10,359 shares during the period. Sequoia Financial Advisors LLC's holdings in Snowflake were worth $6,244,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake in the 2nd quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC boosted its stake in Snowflake by 80.0% in 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 last quarter. Golden State Wealth Management LLC boosted its position in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after acquiring an additional 187 shares during the last quarter. Finally, Tradewinds Capital Management LLC raised its position in shares of Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after buying an additional 85 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Price Performance

NYSE SNOW opened at $247.29 on Tuesday. The stock's 50-day moving average price is $219.41 and its two-hundred day moving average price is $199.79. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $83.78 billion, a PE ratio of -59.59 and a beta of 1.21. Snowflake Inc. has a 1 year low of $113.23 and a 1 year high of $255.39.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 42.98% and a negative net margin of 33.53%.The company's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 earnings per share. On average, analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on SNOW shares. Sanford C. Bernstein increased their target price on shares of Snowflake from $191.00 to $221.00 and gave the stock a "market perform" rating in a research report on Thursday, August 28th. Evercore ISI upped their target price on Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Morgan Stanley upped their target price on Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Finally, Scotiabank boosted their target price on Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $256.18.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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 in the company, valued at $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is owned by company insiders.

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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