Good Life Advisors LLC has taken a new position in Snowflake Inc. (NYSE:SNOW) during the second quarter, as revealed in its latest filing with the SEC. The institutional investor acquired 1,748 shares of the company, with an estimated value of around $391,000.
Several other institutional investors have also made adjustments to their holdings in Snowflake. Capital Advantage Inc. increased its position by 1.1% in the second quarter, now owning 4,412 shares valued at approximately $987,000 after acquiring an additional 48 shares. Similarly, Wedbush Securities Inc. raised its stake by 1.3%, bringing its total to 3,717 shares worth $832,000 after purchasing another 48 shares during the period.
Avion Wealth significantly boosted its holdings in Snowflake by 76.6%, now owning 113 shares valued at $25,000 following an acquisition of 49 shares. Advyzon Investment Management LLC increased its position by 3.8%, now holding 1,520 shares valued at $340,000 after an additional 55 shares were bought. Lastly, Ignite Planners LLC grew its stake by 2.3% in the previous quarter, bringing its total to 2,861 shares valued at $418,000 after acquiring 64 shares.
In total, institutional investors and hedge funds now hold 65.10% of Snowflake”s stock.
Analyst Ratings and Price Targets
Recent analysis from various research firms has been largely positive regarding Snowflake”s prospects. Wells Fargo & Company initiated coverage on Snowflake with an “overweight” rating and set a price target of $275.00. Scotiabank adjusted its target price from $230.00 to $280.00, maintaining an “outperform” rating. Additionally, BTIG Research raised its price target from $276.00 to $312.00, rating the stock as a “buy.” Morgan Stanley also increased its price objective from $262.00 to $272.00 with an “overweight” rating.
Consensus ratings indicate two analysts have assigned a “Strong Buy” rating, while thirty-six have rated it as a “Buy,” three analysts have issued a “Hold,” and three have given it a “Sell” rating. MarketBeat reports a consensus rating of “Moderate Buy” with an average target price of $259.89.
Insider Trading Activity
In insider news, Christian Kleinerman, EVP of Snowflake, sold 10,000 shares on September 2 at an average price of $233.50, totaling $2,335,000. Following this transaction, Kleinerman holds 527,336 shares valued at approximately $123,132,956, representing a 1.86% reduction in his position. Additionally, Frank Slootman, a director, sold 710,083 shares at an average price of $230.47 on August 28, amounting to $163,652,829.01. Post-sale, Slootman retains 165,507 shares valued at around $38,144,398.29, reflecting an 81.10% decrease in his holdings.
In total, recent insider sales have totaled 931,388 shares valued at $216,578,628, with company insiders owning 6.80% of the stock.
As of Friday, Snowflake shares opened at $257.40, with a 50-day moving average of $244.05 and a 200-day moving average of $218.43. The company has a market capitalization of $87.21 billion and a price-to-earnings ratio of -62.02. Notably, Snowflake”s stock reached a 52-week low of $120.10 and a high of $280.67.
Snowflake”s recent quarterly earnings report indicated earnings of $0.35 per share, surpassing the consensus estimate of $0.27. The company reported revenue of $1.14 billion for the quarter, exceeding analyst expectations of $1.09 billion and reflecting a year-over-year revenue increase of 31.8%.
Snowflake Inc. is known for providing a cloud-based data platform, enabling organizations to consolidate data and leverage artificial intelligence for business solutions.
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