EverSource Wealth Advisors LLC Increases Stake in Snowflake Inc. $SNOW

Key Points

• EverSource Wealth Advisors LLC increased its stake in Snowflake Inc. by 29.4% during the first quarter, owning 5,786 shares valued at $846,000.
• Analysts have raised their price targets for Snowflake, with Stifel Nicolaus boosting theirs to $220 and several firms maintaining an "outperform" or "buy" rating, leading to a consensus rating of "Moderate Buy".
• Insider sales were significant, with Director Frank Slootman selling 424,852 shares and CFO Michael Scarpelli selling 400,000 shares, representing substantial decreases in their holdings.

EverSource Wealth Advisors LLC boosted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 29.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,786 shares of the company's stock after purchasing an additional 1,314 shares during the period. EverSource Wealth Advisors LLC's holdings in Snowflake were worth $846,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Aberdeen Group plc grew its holdings in shares of Snowflake by 4.7% in the first quarter. Aberdeen Group plc now owns 57,128 shares of the company's stock valued at $8,350,000 after purchasing an additional 2,549 shares in the last quarter. Fox Run Management L.L.C. grew its holdings in shares of Snowflake by 135.9% in the first quarter. Fox Run Management L.L.C. now owns 7,005 shares of the company's stock valued at $1,024,000 after purchasing an additional 4,035 shares in the last quarter. Kovitz Investment Group Partners LLC grew its holdings in shares of Snowflake by 73.9% in the first quarter. Kovitz Investment Group Partners LLC now owns 3,924 shares of the company's stock valued at $573,000 after purchasing an additional 1,668 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in shares of Snowflake in the first quarter valued at approximately $1,608,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in Snowflake by 1.8% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,688 shares of the company's stock valued at $1,416,000 after purchasing an additional 172 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Truist Financial boosted their price target on shares of Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Stifel Nicolaus boosted their price target on shares of Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Raymond James Financial restated an "outperform" rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Finally, DA Davidson restated a "buy" rating and issued a $250.00 target price on shares of Snowflake in a report on Wednesday, June 4th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.32.

Snowflake Stock Performance

SNOW stock traded down $5.7060 on Tuesday, hitting $192.5340. The company's stock had a trading volume of 3,512,691 shares, compared to its average volume of 3,981,377. The firm has a 50 day moving average of $211.94 and a two-hundred day moving average of $184.73. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $229.27. The stock has a market cap of $64.28 billion, a price-to-earnings ratio of -45.73 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. Snowflake's revenue for the quarter was up 25.8% on a year-over-year basis. Equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the company'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 owned 165,507 shares in the company, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,014,642 shares of company stock valued at $657,325,186. 6.80% of the stock is owned by insiders.

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.