Snowflake Inc. $SNOW Shares Acquired by Valeo Financial Advisors LLC

Key Points

• Valeo Financial Advisors LLC significantly increased its holdings in Snowflake Inc. by 923.9% during the second quarter, owning 118,838 shares valued at $26.6 million.
• Insider transactions revealed that Director Michael L. Speiser sold 50,338 shares at an average price of $224.85, reducing their ownership by 58.80%.
• Several analysts have raised their price targets for Snowflake, with Needham & Company increasing it to $280.00 while maintaining a "buy" rating.

Valeo Financial Advisors LLC grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 923.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 118,838 shares of the company's stock after acquiring an additional 107,232 shares during the period. Valeo Financial Advisors LLC's holdings in Snowflake were worth $26,592,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its position in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Snowflake by 82.6% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 694 shares of the company's stock worth $101,000 after buying an additional 314 shares during the period. Independence Bank of Kentucky lifted its position in shares of Snowflake by 2.2% during the 1st quarter. Independence Bank of Kentucky now owns 7,122 shares of the company's stock valued at $1,041,000 after buying an additional 150 shares in the last quarter. TB Alternative Assets Ltd. grew its stake in Snowflake by 1,188.7% in the 1st quarter. TB Alternative Assets Ltd. now owns 35,659 shares of the company's stock valued at $5,212,000 after acquiring an additional 32,892 shares during the period. Finally, Wedmont Private Capital increased its holdings in Snowflake by 22.3% in the 1st quarter. Wedmont Private Capital now owns 3,856 shares of the company's stock worth $559,000 after acquiring an additional 703 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total value of $11,318,499.30. Following the transaction, the director directly owned 35,276 shares in the company, valued at approximately $7,931,808.60. This represents a 58.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction 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 completion of the sale, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. This represents a 4.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,227,176 shares of company stock worth $279,503,457. 6.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNOW has been the subject of a number of research analyst reports. Needham & Company LLC upped their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. UBS Group upped their price target on shares of Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Stephens assumed coverage on Snowflake in a report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price objective on the stock. Sanford C. Bernstein increased their target price on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a report on Thursday, August 28th. Finally, Cowen restated a "buy" rating on shares of Snowflake in a research report 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 given a Hold rating and three have assigned a Sell rating to the company's 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 Down 2.1%

NYSE SNOW opened at $235.42 on Monday. The business's fifty day simple moving average is $215.94 and its 200-day simple moving average is $196.17. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market cap of $79.76 billion, a PE ratio of -56.73 and a beta of 1.21. Snowflake Inc. has a 52 week low of $111.15 and a 52 week high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data 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. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Snowflake's quarterly revenue was up 31.8% on a year-over-year basis. As a group, equities 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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