Wealth Enhancement Advisory Services LLC Increases Stock Position in Snowflake Inc. $SNOW

Wealth Enhancement Advisory Services LLC increased its holdings in Snowflake Inc. (NYSE:SNOW) by 49.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,894 shares of the company’s stock after acquiring an additional 32,572 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Snowflake were worth $22,986,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Snowflake in the second quarter valued at $944,895,000. Winslow Capital Management LLC purchased a new position in shares of Snowflake during the second quarter worth about $725,667,000. Jennison Associates LLC increased its position in Snowflake by 20.5% in the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock valued at $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. Sei Investments Co. increased its position in Snowflake by 272.4% in the 2nd quarter. Sei Investments Co. now owns 1,593,329 shares of the company’s stock valued at $356,543,000 after acquiring an additional 1,165,515 shares during the period. Finally, Artisan Partners Limited Partnership raised its stake in Snowflake by 15.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after acquiring an additional 652,485 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

Snowflake stock opened at $206.65 on Thursday. The company has a market cap of $70.71 billion, a P/E ratio of -51.15 and a beta of 1.14. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The business has a fifty day moving average of $229.36 and a two-hundred day moving average of $228.49. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37.

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

Analyst Ratings Changes

Several brokerages have weighed in on SNOW. Raymond James Financial set a $250.00 target price on Snowflake in a research note on Monday, December 15th. Stifel Nicolaus increased their price target on Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Citigroup lowered their price objective on shares of Snowflake from $310.00 to $300.00 and set a “buy” rating on the stock in a research report on Monday, December 8th. Macquarie boosted their price objective on shares of Snowflake from $235.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, December 4th. Finally, Morgan Stanley upped their price objective on shares of Snowflake from $272.00 to $299.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $275.58.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $230.65, for a total value of $11,610,459.70. Following the sale, the director owned 32,756 shares in the company, valued at $7,555,171.40. This represents a 60.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $221.83, for a total value of $44,366,000.00. Following the completion of the transaction, the director directly owned 50,329 shares of the company’s stock, valued at $11,164,482.07. The trade was a 79.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 418,681 shares of company stock valued at $96,073,145. 6.80% of the stock is currently owned by corporate insiders.

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.