Tritonpoint Wealth LLC Makes New $1.59 Million Investment in Snowflake Inc. (NYSE:SNOW)

Tritonpoint Wealth LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,850 shares of the company's stock, valued at approximately $1,586,000.

A number of other hedge funds have also added to or reduced their stakes in SNOW. Brighton Jones LLC lifted its stake in Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after acquiring an additional 29,320 shares during the period. Kingsview Wealth Management LLC raised its position in Snowflake by 8.7% in the 4th quarter. Kingsview Wealth Management LLC now owns 2,441 shares of the company's stock worth $377,000 after buying an additional 195 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Snowflake by 50.6% during the 4th quarter. Empowered Funds LLC now owns 9,054 shares of the company's stock valued at $1,398,000 after purchasing an additional 3,041 shares during the period. Stephens Inc. AR grew its stake in shares of Snowflake by 9.8% during the 4th quarter. Stephens Inc. AR now owns 2,945 shares of the company's stock valued at $455,000 after acquiring an additional 262 shares during the period. Finally, Kestra Private Wealth Services LLC grew its stake in shares of Snowflake by 53.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 5,079 shares of the company's stock valued at $784,000 after acquiring an additional 1,769 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW traded up $1.45 during mid-day trading on Monday, hitting $209.63. The stock had a trading volume of 1,592,518 shares, compared to its average volume of 5,490,067. The company's 50 day simple moving average is $176.54 and its 200 day simple moving average is $170.74. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The stock has a market cap of $69.99 billion, a price-to-earnings ratio of -61.85 and a beta of 1.21. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $214.83.

Snowflake (NYSE:SNOW - Get Free Report) last posted its 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 firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company's revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Stifel Nicolaus upped their price target on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Evercore ISI reiterated a "buy" rating on shares of Snowflake in a research note on Wednesday, June 4th. UBS Group upgraded Snowflake from a "neutral" rating to a "buy" rating and increased their target price for the stock from $210.00 to $265.00 in a research note on Wednesday, June 4th. Daiwa Capital Markets began coverage on Snowflake in a research note on Tuesday, April 1st. They set a "buy" rating and a $210.00 price target on the stock. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $250.00 target price (up previously from $225.00) on shares of Snowflake in a research note on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $223.50.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 3,765 shares of Snowflake stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $155.69, for a total value of $586,172.85. Following the completion of the transaction, the executive vice president now directly owns 616,602 shares in the company, valued at approximately $95,998,765.38. The trade was a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Emily Ho sold 5,027 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $199.06, for a total transaction of $1,000,674.62. Following the completion of the transaction, the chief accounting officer now owns 40,608 shares of the company's stock, valued at $8,083,428.48. This trade represents a 11.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 903,058 shares of company stock valued at $170,730,711. 6.80% of the stock is owned by corporate 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.