Good Life Advisors LLC has acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the second quarter, as per its latest filing with the SEC. The firm purchased 1,748 shares, which are valued at around $391,000.
In addition to Good Life Advisors, several institutional investors have recently adjusted their positions in Snowflake. For instance, Trust Co. of Toledo NA OH entered the market with a new stake valued at $25,000. Avion Wealth significantly increased its holdings in Snowflake by 76.6%, bringing its total to 113 shares worth $25,000 after acquiring an additional 49 shares during the quarter.
Rossby Financial LLC made a remarkable increase of 4,233.3% in its stake during the same period, now holding 130 shares valued at $29,000 after acquiring 127 additional shares. Whittier Trust Co. similarly boosted its holdings by 149.1%, owning 137 shares worth $31,000, an increase attributed to the purchase of 82 shares in the previous quarter. Likewise, Golden State Wealth Management LLC raised its position by 417.2%, owning 150 shares valued at $34,000 after buying 121 shares during the quarter.
Currently, institutional investors and hedge funds collectively own 65.10% of the available stock.
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Microsoft Extends Partnership with OpenAI, Securing IP Rights Through 2032In other developments, insider trading activity has been notable. Senior Vice President Vivek Raghunathan sold 11,801 shares on September 30, with the average share price set at $223.22, amounting to a total of $2,634,219.22. Post-sale, Raghunathan retains 241,854 shares valued at approximately $53,986,649.88, reflecting a 4.65% decrease in his holdings.
Moreover, Frank Slootman, a director at Snowflake, sold a substantial 710,083 shares on August 28 at an average price of $230.47, totaling $163,652,829.01. After this transaction, Slootman held 165,507 shares valued at about $38,144,398.29, marking an 81.10% reduction in his ownership.
Over the past 90 days, insiders have sold a cumulative 931,388 shares of Snowflake stock worth $216,578,628. Corporate insiders now own 6.80% of the company”s total stock.
In market activity, Snowflake shares opened at $257.40. The stock has a 50-day simple moving average of $244.05 and a 200-day simple moving average of $218.43. The company boasts a market capitalization of $87.21 billion, with a P/E ratio of -62.02 and a beta value of 1.23. Snowflake”s debt-to-equity ratio stands at 0.96, and both the quick and current ratios are at 1.48. The stock has experienced a 52-week low of $120.10 and a high of $280.67.
Snowflake last reported its quarterly earnings on August 27, posting earnings per share of $0.35, surpassing the consensus estimate of $0.27 by $0.08. The revenue for the quarter reached $1.14 billion, exceeding estimates of $1.09 billion. Year-over-year, revenue increased by 31.8%. In the previous year, the company reported earnings per share of $0.18. Analysts expect Snowflake to post -2.36 earnings per share for the current year.
Snowflake Inc. provides a cloud-based data platform catering to various organizations in the United States and globally. Its platform encompasses Data Cloud, which allows customers to unify data for actionable business insights, develop data-driven applications, and share data and related products, while leveraging artificial intelligence to address business challenges.
For additional insights into other hedge funds holding SNOW, visit HoldingsChannel.com for the latest 13F filings and insider trades related to Snowflake Inc. (NYSE:SNOW).
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