Wharton Business Group LLC Purchases New Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Wharton Business Group LLC acquired a new position in Snowflake Inc. by purchasing 1,570 shares, valued at approximately $229,000, during the 1st quarter.
• Insider transactions revealed that Director Teresa Briggs sold 1,146 shares and EVP Christian Kleinerman sold 10,000 shares, indicating a decrease in ownership for both executives.
• Research analysts have mixed ratings for Snowflake, with recent upgrades from UBS and downgrades from HSBC, leading to a consensus rating of "Moderate Buy" and an average price target of $226.73.

Wharton Business Group LLC purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 1,570 shares of the company's stock, valued at approximately $229,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in SNOW. Fi3 FINANCIAL ADVISORS LLC bought a new stake in Snowflake during the 1st quarter worth approximately $251,000. Vanguard Group Inc. grew its holdings in Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock worth $3,974,705,000 after acquiring an additional 316,573 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after acquiring an additional 650,775 shares during the last quarter. Maxi Investments CY Ltd grew its holdings in Snowflake by 461.7% during the 1st quarter. Maxi Investments CY Ltd now owns 33,891 shares of the company's stock worth $4,954,000 after acquiring an additional 27,857 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its holdings in Snowflake by 3.4% during the 1st quarter. Atria Wealth Solutions Inc. now owns 13,427 shares of the company's stock worth $1,962,000 after acquiring an additional 447 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Insider Buying and Selling at Snowflake

In other news, Director Teresa Briggs sold 1,146 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total value of $249,530.04. Following the sale, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. This represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the completion of the sale, the executive vice president directly owned 537,336 shares in the company, valued at approximately $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,014,642 shares of company stock valued at $657,325,186 in the last three months. 6.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SNOW shares. UBS Group upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $210.00 to $265.00 in a research report on Wednesday, June 4th. Hsbc Global Res downgraded shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Morgan Stanley started coverage on shares of Snowflake in a research report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target on the stock. Piper Sandler restated an "overweight" rating and issued a $215.00 price target (up previously from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Finally, Robert W. Baird boosted their price target on shares of Snowflake from $200.00 to $215.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Price Performance

SNOW opened at $205.74 on Wednesday. The firm has a market cap of $68.69 billion, a P/E ratio of -48.87 and a beta of 1.22. The firm has a 50-day moving average of $214.04 and a 200 day moving average of $183.36. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, research analysts expect that Snowflake Inc. will post -2.36 EPS for the current 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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