Wharton Business Group LLC Purchases Shares of 1,570 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 bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,570 shares of the company's stock, valued at approximately $229,000.

A number of other hedge funds have also recently added to or reduced their stakes in SNOW. Brighton Jones LLC boosted its holdings 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 in the last quarter. Wellington Management Group LLP raised its stake in shares of Snowflake by 1,325.2% in the fourth quarter. Wellington Management Group LLP now owns 108,527 shares of the company's stock worth $16,758,000 after acquiring an additional 100,912 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Snowflake by 0.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 98,459 shares of the company's stock valued at $15,203,000 after purchasing an additional 492 shares during the period. World Investment Advisors acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $331,000. Finally, Landscape Capital Management L.L.C. boosted its holdings in Snowflake by 3.0% during the fourth quarter. Landscape Capital Management L.L.C. now owns 2,627 shares of the company's stock worth $406,000 after purchasing an additional 77 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Activity

In related news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares in the company, valued at $60,090,389.60. This trade represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,014,642 shares of company stock worth $657,325,186 in the last quarter. Company insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SNOW shares. JPMorgan Chase & Co. upped their target price on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. DA Davidson restated a "buy" rating and issued a $250.00 price objective on shares of Snowflake in a research report on Wednesday, June 4th. JMP Securities increased their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a "market outperform" rating in a research report on Friday, July 18th. Finally, HSBC lowered Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Two 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 issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Trading Down 7.0%

Shares of SNOW traded down $14.46 during trading hours on Friday, reaching $191.94. The stock had a trading volume of 8,603,458 shares, compared to its average volume of 3,533,447. The firm has a 50-day moving average of $213.98 and a 200 day moving average of $183.97. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $229.27. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market cap of $64.08 billion, a P/E ratio of -45.59 and a beta of 1.22.

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

Snowflake 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.