Sunbelt Securities Inc. Buys 1,716 Shares of Snowflake Inc. (NYSE:SNOW)

Sunbelt Securities Inc. raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 46.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,393 shares of the company’s stock after purchasing an additional 1,716 shares during the quarter. Sunbelt Securities Inc.’s holdings in Snowflake were worth $729,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SNOW. Comerica Bank increased its stake in Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after acquiring an additional 4,296 shares during the period. Choreo LLC increased its stake in Snowflake by 18.6% in the first quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after acquiring an additional 1,294 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after acquiring an additional 43,062 shares during the period. Ridgewood Investments LLC bought a new stake in Snowflake in the first quarter valued at about $244,000. Finally, Cetera Investment Advisers increased its stake in Snowflake by 201.5% in the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after acquiring an additional 42,563 shares during the period. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

SNOW opened at $114.82 on Tuesday. The firm’s fifty day moving average is $118.55 and its two-hundred day moving average is $137.08. The firm has a market cap of $38.44 billion, a PE ratio of -41.01 and a beta of 0.83. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping 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 net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the business posted ($0.52) earnings per share. Equities analysts forecast that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the sale, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the sale, the insider now owns 53,250 shares in the company, valued at $5,932,582.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,386 shares of company stock worth $5,715,941. Company insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the topic of a number of analyst reports. Wells Fargo & Company lowered their target price on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Wedbush reduced their price target on shares of Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Loop Capital reduced their price target on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. Finally, Evercore ISI reduced their price target on shares of Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $175.17.

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.