DAVENPORT & Co LLC Raises Stock Holdings in Snowflake Inc. $SNOW

DAVENPORT & Co LLC boosted its position in shares of Snowflake Inc. (NYSE:SNOW) by 46.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,781 shares of the company’s stock after purchasing an additional 1,201 shares during the quarter. DAVENPORT & Co LLC’s holdings in Snowflake were worth $846,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC boosted its position in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after purchasing an additional 187 shares in the last quarter. Tradewinds Capital Management LLC boosted its position in shares of Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. Finally, CX Institutional acquired a new stake in shares of Snowflake in the 1st quarter worth $42,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

NYSE SNOW opened at $242.52 on Friday. The stock has a 50-day simple moving average of $218.64 and a two-hundred day simple moving average of $198.82. The firm has a market capitalization of $82.17 billion, a P/E ratio of -58.44 and a beta of 1.21. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $255.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. On average, equities analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares in the company, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Corporate insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Cowen reissued a “buy” rating on shares of Snowflake in a research report on Thursday, August 28th. Monness Crespi & Hardt raised their target price on Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Raymond James Financial raised their target price on Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Guggenheim restated a “neutral” rating on shares of Snowflake in a research note on Thursday, August 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Snowflake in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $256.18.

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.