Cary Street Partners Investment Advisory LLC Boosts Stake in Snowflake Inc. (NYSE:SNOW)

Cary Street Partners Investment Advisory LLC increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 1,431.8% during the second quarter, Holdings Channel.com reports. The fund owned 1,302 shares of the company’s stock after buying an additional 1,217 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Snowflake were worth $229,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Global Trust Asset Management LLC increased its position in shares of Snowflake by 7,500.0% in the second quarter. Global Trust Asset Management LLC now owns 152 shares of the company’s stock valued at $27,000 after buying an additional 150 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in Snowflake by 333.3% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 130 shares of the company’s stock worth $29,000 after acquiring an additional 100 shares in the last quarter. Creative Financial Designs Inc. ADV raised its position in Snowflake by 111.1% during the second quarter. Creative Financial Designs Inc. ADV now owns 190 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Snowflake by 1,361.5% during the second quarter. Geneos Wealth Management Inc. now owns 190 shares of the company’s stock valued at $33,000 after purchasing an additional 177 shares in the last quarter. Finally, Riverview Trust Co grew its position in shares of Snowflake by 96.0% in the second quarter. Riverview Trust Co now owns 194 shares of the company’s stock valued at $34,000 after purchasing an additional 95 shares during the period. Hedge funds and other institutional investors own 63.74% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Snowflake from $195.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, August 24th. Bank of America started coverage on Snowflake in a research note on Thursday, October 12th. They issued a “neutral” rating and a $195.00 price target on the stock. HSBC started coverage on Snowflake in a research report on Friday, September 15th. They set a “buy” rating and a $201.00 price target for the company. Capital One Financial raised shares of Snowflake from an “equal weight” rating to an “overweight” rating and set a $195.00 target price on the stock in a research note on Wednesday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $216.00 target price on shares of Snowflake in a research report on Tuesday, September 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.52.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 13,740 shares of Snowflake stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $166.27, for a total value of $2,284,549.80. Following the completion of the transaction, the insider now owns 40,847 shares in the company, valued at $6,791,630.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Benoit Dageville sold 13,740 shares of Snowflake stock in a transaction on Monday, September 11th. The stock was sold at an average price of $166.27, for a total value of $2,284,549.80. Following the completion of the transaction, the insider now directly owns 40,847 shares in the company, valued at $6,791,630.69. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $166.00, for a total value of $249,000.00. Following the transaction, the senior vice president now directly owns 661,789 shares of the company’s stock, valued at $109,856,974. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,446 shares of company stock valued at $14,733,361. 8.30% of the stock is currently owned by corporate insiders.

Snowflake Stock Up 3.1 %

Shares of NYSE SNOW opened at $166.85 on Tuesday. The business’s 50 day moving average is $154.74 and its two-hundred day moving average is $163.47. Snowflake Inc. has a 52-week low of $119.27 and a 52-week high of $193.94. The firm has a market cap of $55.01 billion, a price-to-earnings ratio of -62.73 and a beta of 0.77.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.12. Snowflake had a negative return on equity of 14.07% and a negative net margin of 35.22%. The firm had revenue of $674.00 million for the quarter, compared to the consensus estimate of $662.22 million. During the same quarter in the previous year, the business earned ($0.67) EPS. The company’s quarterly revenue was up 35.6% compared to the same quarter last year. Analysts anticipate that Snowflake Inc. will post -1.62 EPS for the current fiscal year.

Snowflake Company 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.