Merit Financial Group LLC Makes New $493,000 Investment in Snowflake Inc. (NYSE:SNOW)

Merit Financial Group LLC purchased a new position in Snowflake Inc. (NYSE:SNOW) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,191 shares of the company’s stock, valued at approximately $493,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNOW. Groupama Asset Managment bought a new position in Snowflake in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Snowflake in the third quarter worth $30,000. Fortitude Family Office LLC bought a new stake in Snowflake during the third quarter valued at $34,000. Larson Financial Group LLC grew its position in Snowflake by 81.3% during the third quarter. Larson Financial Group LLC now owns 339 shares of the company’s stock worth $39,000 after buying an additional 152 shares in the last quarter. Finally, Waldron Private Wealth LLC bought a new position in Snowflake in the 3rd quarter worth about $40,000. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. Needham & Company LLC lifted their price target on Snowflake from $160.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Royal Bank of Canada lifted their target price on shares of Snowflake from $175.00 to $188.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Evercore ISI boosted their price target on shares of Snowflake from $170.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Scotiabank raised their price objective on shares of Snowflake from $170.00 to $220.00 and gave the company a “sector outperform” rating in a research report on Monday, December 9th. Finally, Wells Fargo & Company raised shares of Snowflake from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $150.00 to $200.00 in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $188.06.

Snowflake Price Performance

Shares of Snowflake stock opened at $174.77 on Friday. The business has a 50 day moving average of $163.96 and a 200 day moving average of $135.63. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The company has a market cap of $57.69 billion, a PE ratio of -51.56 and a beta of 1.05. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Insider Buying and Selling at Snowflake

In related news, CAO Emily Ho sold 2,021 shares of Snowflake stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $173.68, for a total transaction of $351,007.28. Following the sale, the chief accounting officer now directly owns 26,874 shares in the company, valued at $4,667,476.32. The trade was a 6.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 127,247 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total value of $22,427,283.75. Following the completion of the transaction, the director now owns 195,281 shares of the company’s stock, valued at approximately $34,418,276.25. This trade represents a 39.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 504,151 shares of company stock valued at $84,973,139. 7.80% of the stock is currently owned by company insiders.

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.