Snowflake Inc. $SNOW Shares Purchased by Merit Financial Group LLC

Key Points

• Merit Financial Group LLC increased its stake in Snowflake Inc. by 7.1%, owning a total of 19,297 shares worth approximately $4.3 million.
• Snowflake received multiple price target upgrades from analysts, with Mizuho raising its target from $235 to $260 and UBS increasing theirs from $250 to $285.
• Insiders sold a total of 1,177,434 shares over the last three months, indicating potential shifts in internal confidence regarding the stock.

Merit Financial Group LLC raised its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 7.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,297 shares of the company's stock after acquiring an additional 1,278 shares during the period. Merit Financial Group LLC's holdings in Snowflake were worth $4,318,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Opal Wealth Advisors LLC acquired a new position in Snowflake during the 1st quarter valued at approximately $26,000. CVA Family Office LLC lifted its stake in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Snowflake by 748.0% during the first 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. Tradewinds Capital Management LLC grew its position in shares of Snowflake by 53.1% during the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock worth $36,000 after acquiring an additional 85 shares during the last quarter. Finally, CX Institutional acquired a new stake in shares of Snowflake in the 1st quarter worth about $42,000. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SNOW has been the subject of a number of analyst reports. Mizuho boosted their target price on shares of Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. boosted their price objective on Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Bank of America upgraded Snowflake from a "neutral" rating to a "buy" rating and raised their target price for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. UBS Group boosted their price target on Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, JMP Securities reissued a "market outperform" rating and set a $260.00 price target on shares of Snowflake in a report on Tuesday, August 26th. Two 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $255.53.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 2,976 shares of the firm's stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $236.01, for a total value of $702,365.76. Following the completion of the transaction, the director directly owned 34,436 shares in the company, valued at $8,127,240.36. This trade represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 7,551 shares of the business's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director owned 153,226 shares in the company, valued at $33,899,720.24. This represents a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,177,434 shares of company stock valued at $269,030,661 in the last ninety days. 6.80% of the stock is owned by company insiders.

Snowflake Trading Up 3.2%

Shares of SNOW stock opened at $242.73 on Tuesday. The stock has a 50-day simple moving average of $216.42 and a 200 day simple moving average of $196.76. The stock has a market capitalization of $82.24 billion, a P/E ratio of -58.49 and a beta of 1.21. Snowflake Inc. has a fifty-two week low of $113.06 and a fifty-two week high of $249.99. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share 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 the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake's revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 EPS. On average, sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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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