Wealth Enhancement Advisory Services LLC Boosts Holdings in Snowflake Inc. $SNOW

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Snowflake Inc. by 40.3% in Q2, now owning 65,322 shares valued at approximately $14.47 million.
• Snowflake reported an EPS of $0.35 for the last quarter, exceeding analysts' expectations, and saw revenue grow by 31.8% year-over-year.
• Recent analyst ratings have increased price targets for Snowflake, with firms like Royal Bank of Canada and Piper Sandler setting targets as high as $275.00 and $285.00, respectively.

Wealth Enhancement Advisory Services LLC grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 40.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,322 shares of the company's stock after buying an additional 18,775 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Snowflake were worth $14,468,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Ignite Planners LLC grew its stake in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after buying an additional 64 shares during the period. Archford Capital Strategies LLC grew its stake in shares of Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after buying an additional 68 shares during the period. TD Private Client Wealth LLC grew its stake in shares of Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after buying an additional 68 shares during the period. Pallas Capital Advisors LLC grew its stake in shares of Snowflake by 0.3% in the 2nd quarter. Pallas Capital Advisors LLC now owns 24,444 shares of the company's stock valued at $5,470,000 after buying an additional 73 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after purchasing an additional 73 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Up 3.7%

SNOW stock opened at $230.40 on Monday. The company has a market cap of $78.06 billion, a P/E ratio of -55.52 and a beta of 1.22. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The company's 50-day moving average price is $213.16 and its 200 day moving average price is $190.98. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $1.14 billion for 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%. The firm's revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

SNOW has been the subject of a number of research analyst reports. Loop Capital increased their price objective on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Piper Sandler lifted their price target on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Canaccord Genuity Group lifted their price target on shares of Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Cowen reissued a "buy" rating on shares of Snowflake in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Insider Buying and Selling

In related news, Director Frank Slootman sold 7,551 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $33,899,720.24. The trade was a 4.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the sale, the director directly owned 25,733 shares in the company, valued at approximately $5,785,807.72. This represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,222,036 shares of company stock valued at $719,457,410. Corporate 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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