Snowflake Inc. (NYSE:SNOW) Shares Purchased by Lyell Wealth Management LP

Key Points

• Lyell Wealth Management LP increased its holdings in Snowflake Inc. by 5.1%, owning a total of 60,685 shares valued at approximately $8.87 million.
• Multiple institutional investors have also increased their stakes in Snowflake, with 65.10% of the stock currently owned by institutional investors and hedge funds.
• Snowflake's quarterly earnings surpassed estimates, reporting $0.24 earnings per share and $1.04 billion in revenue, showing a 25.8% year-over-year growth.

Lyell Wealth Management LP raised its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 60,685 shares of the company's stock after buying an additional 2,955 shares during the period. Lyell Wealth Management LP's holdings in Snowflake were worth $8,870,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SNOW. Quarry LP boosted its holdings in shares of Snowflake by 9.8% during the 4th quarter. Quarry LP now owns 662 shares of the company's stock worth $102,000 after purchasing an additional 59 shares during the last quarter. Ignite Planners LLC raised its position in shares of Snowflake by 2.3% during the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after buying an additional 64 shares during the period. Gabelli Funds LLC raised its position in shares of Snowflake by 3.3% during the 4th quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after buying an additional 65 shares during the period. Archford Capital Strategies LLC raised its position in shares of Snowflake by 1.9% during the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after buying an additional 68 shares during the period. Finally, TD Private Client Wealth LLC raised its position in shares of Snowflake by 8.9% during the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after buying an additional 68 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Mark Garrett sold 67,000 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the transaction, the director owned 7,428 shares of the company's stock, valued at approximately $1,478,023.44. This trade represents a 90.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,698,258 shares of company stock valued at $586,482,906. Company insiders own 6.80% of the company's stock.

Analyst Ratings Changes

SNOW has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their target price on Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research report on Monday, June 9th. BTIG Research restated a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. UBS Group upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $210.00 to $265.00 in a research note on Wednesday, June 4th. Mizuho boosted their price target on shares of Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Finally, Hsbc Global Res downgraded shares of Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Stock Up 0.6%

Shares of NYSE SNOW opened at $220.12 on Thursday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The firm has a market cap of $73.49 billion, a P/E ratio of -52.28 and a beta of 1.22. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $226.60. The firm's 50 day moving average price is $213.37 and its 200 day moving average price is $182.01.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. Snowflake's revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. As a group, sell-side analysts anticipate 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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