Delap Wealth Advisory LLC Acquires 3,560 Shares of Snowflake Inc. (NYSE:SNOW)

Delap Wealth Advisory LLC increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 269.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,881 shares of the company’s stock after purchasing an additional 3,560 shares during the quarter. Delap Wealth Advisory LLC’s holdings in Snowflake were worth $659,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Accent Capital Management LLC acquired a new position in shares of Snowflake during the 4th quarter worth about $25,000. LRI Investments LLC grew its stake in Snowflake by 155.6% in the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Snowflake during the 2nd quarter worth approximately $27,000. Riverview Trust Co bought a new stake in shares of Snowflake during the 1st quarter worth approximately $31,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Snowflake in the 1st quarter valued at approximately $32,000. Institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $220.00 target price on shares of Snowflake in a report on Monday, July 1st. Citigroup reduced their price target on Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Robert W. Baird reduced their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $176.03.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now directly owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at $83,511,651.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 517,203 shares of company stock valued at $63,833,373. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Trading Down 3.3 %

NYSE SNOW opened at $110.27 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a market capitalization of $36.96 billion, a price-to-earnings ratio of -39.38 and a beta of 0.83. The firm’s 50 day simple moving average is $120.87 and its 200 day simple moving average is $139.36.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.52) EPS. On average, equities research analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current year.

About Snowflake

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.