Watershed Private Wealth LLC Cuts Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Watershed Private Wealth LLC reduced its stake in Snowflake Inc. by 46.5%, holding 1,270 shares valued at $284,000 after selling 1,105 shares in the second quarter.
• Several hedge funds have increased their positions in Snowflake, with Prime Capital Investment Advisors LLC boosting its holdings by 35.9% during the same period.
• Analysts have upgraded Snowflake's price targets significantly, with Evercore ISI setting a new target of $280, indicating strong optimism in the stock's future performance.

Watershed Private Wealth LLC decreased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 46.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,270 shares of the company's stock after selling 1,105 shares during the period. Watershed Private Wealth LLC's holdings in Snowflake were worth $284,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Kingswood Wealth Advisors LLC boosted its position in shares of Snowflake by 14.9% during the second quarter. Kingswood Wealth Advisors LLC now owns 2,477 shares of the company's stock valued at $554,000 after buying an additional 321 shares during the last quarter. Slow Capital Inc. boosted its position in Snowflake by 2.0% in the second quarter. Slow Capital Inc. now owns 32,358 shares of the company's stock worth $7,241,000 after purchasing an additional 627 shares during the last quarter. KLP Kapitalforvaltning AS boosted its position in Snowflake by 14.7% in the second quarter. KLP Kapitalforvaltning AS now owns 115,700 shares of the company's stock worth $25,890,000 after purchasing an additional 14,800 shares during the last quarter. SteelPeak Wealth LLC boosted its position in Snowflake by 2.5% in the second quarter. SteelPeak Wealth LLC now owns 8,256 shares of the company's stock worth $1,847,000 after purchasing an additional 202 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC boosted its position in Snowflake by 35.9% in the second quarter. Prime Capital Investment Advisors LLC now owns 16,355 shares of the company's stock worth $3,660,000 after purchasing an additional 4,318 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNOW. Evercore ISI boosted their price objective on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Rosenblatt Securities boosted their price objective on Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. UBS Group boosted their price objective on Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Truist Financial boosted their price objective on Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, Macquarie boosted their price objective on Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Two 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 given a Sell rating to the company's stock. According to MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Performance

NYSE:SNOW opened at $235.34 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 52-week low of $113.13 and a 52-week high of $249.99. The firm has a market cap of $79.73 billion, a price-to-earnings ratio of -56.71 and a beta of 1.21. The business's fifty day moving average is $216.75 and its 200 day moving average is $197.03.

Snowflake (NYSE:SNOW - Get Free Report) last released 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 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 analyst estimates of $1.09 billion. During the same period in the previous year, the company posted $0.18 EPS. The firm's revenue for the quarter was up 31.8% compared to the same quarter last year. Research analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the sale, the executive vice president directly owned 532,450 shares in the company, valued at approximately $119,204,906. The trade was a 1.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Emily Ho sold 1,658 shares of the business's stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total value of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares in the company, valued at approximately $7,150,561.25. The trade was a 4.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,177,434 shares of company stock worth $269,030,661 in the last 90 days. 6.80% of the stock is owned by company 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.

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