Sequoia Financial Advisors LLC Raises Stock Position in Snowflake Inc. $SNOW

Sequoia Financial Advisors LLC lifted its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 12.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,404 shares of the company’s stock after purchasing an additional 3,499 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Snowflake were worth $7,083,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Snowflake by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company’s stock worth $165,123,000 after buying an additional 8,002 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Snowflake in the second quarter valued at approximately $6,845,000. Rheos Capital Works Inc. lifted its stake in Snowflake by 102.9% in the third quarter. Rheos Capital Works Inc. now owns 207,000 shares of the company’s stock worth $46,689,000 after acquiring an additional 105,000 shares during the last quarter. Goldstream Capital Management Ltd acquired a new position in Snowflake during the 2nd quarter worth approximately $3,801,000. Finally, Newbridge Financial Services Group Inc. grew its holdings in Snowflake by 81.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 20,141 shares of the company’s stock worth $4,507,000 after acquiring an additional 9,052 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the transaction, the executive vice president directly owned 512,450 shares in the company, valued at approximately $127,871,648.50. This trade represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $11,610,459.70. Following the completion of the sale, the director owned 32,756 shares of the company’s stock, valued at approximately $7,555,171.40. This trade represents a 60.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 418,681 shares of company stock valued at $96,073,145. 6.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SNOW. Needham & Company LLC restated a “buy” rating and issued a $280.00 price objective on shares of Snowflake in a report on Thursday, December 4th. BTIG Research restated a “buy” rating and issued a $312.00 price target on shares of Snowflake in a research note on Thursday, December 4th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a report on Wednesday, November 26th. Evercore ISI increased their price objective on Snowflake from $280.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Snowflake in a research report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $275.58.

Snowflake Stock Up 1.4%

SNOW opened at $210.66 on Tuesday. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market capitalization of $72.09 billion, a P/E ratio of -52.14 and a beta of 1.14. The business’s 50-day simple moving average is $231.92 and its 200-day simple moving average is $228.75.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. Analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.