Total Clarity Wealth Management Inc. Takes Position in Snowflake Inc. $SNOW

Key Points

• Total Clarity Wealth Management Inc. purchased 1,468 shares of Snowflake Inc., valued at approximately $328,000, during the second quarter.
• Snowflake reported a revenue of $1.14 billion for the quarter, surpassing analyst expectations and demonstrating a 31.8% year-over-year growth.
• Several analysts have raised their price targets for Snowflake, with Morgan Stanley and KeyCorp increasing their targets to $272.00 and $275.00 respectively, while maintaining an "overweight" rating.

Total Clarity Wealth Management Inc. purchased a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,468 shares of the company's stock, valued at approximately $328,000.

A number of other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after acquiring an additional 29,320 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Snowflake by 102.8% in the first quarter. GAMMA Investing LLC now owns 793 shares of the company's stock valued at $116,000 after acquiring an additional 402 shares during the last quarter. CX Institutional acquired a new stake in shares of Snowflake in the first quarter valued at about $42,000. CVA Family Office LLC increased its position in shares of 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 acquiring an additional 88 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Snowflake by 3.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 46,547 shares of the company's stock valued at $6,803,000 after acquiring an additional 1,426 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Price Performance

Snowflake stock opened at $247.29 on Tuesday. Snowflake Inc. has a 12 month low of $113.23 and a 12 month high of $255.39. The stock's 50 day moving average is $219.41 and its 200-day moving average 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 capitalization of $83.78 billion, a price-to-earnings ratio of -59.59 and a beta of 1.21.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. Equities research analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SNOW shares. Morgan Stanley lifted their target price on Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. KeyCorp lifted their target price on Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Cantor Fitzgerald boosted their price target on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. The Goldman Sachs Group boosted their price target on Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Snowflake in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Snowflake has an average rating of "Moderate Buy" and a consensus price target of $256.18.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the company's 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 completion of the transaction, the senior vice president directly owned 241,854 shares in the company, valued at $53,986,649.88. The trade was a 4.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,182,434 shares of company stock worth $270,280,661 over the last three months. Company insiders own 6.80% of the company's stock.

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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