EverSource Wealth Advisors LLC Boosts Stock Position in Snowflake Inc. (NYSE:SNOW)

EverSource Wealth Advisors LLC lifted its position in Snowflake Inc. (NYSE:SNOW) by 1,740.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,556 shares of the company’s stock after purchasing an additional 8,091 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Snowflake were worth $1,116,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Gabelli Funds LLC boosted its holdings in shares of Snowflake by 25.0% in the 2nd quarter. Gabelli Funds LLC now owns 1,840 shares of the company’s stock valued at $249,000 after acquiring an additional 368 shares during the last quarter. Itau Unibanco Holding S.A. lifted its position in Snowflake by 22,309.9% during the second quarter. Itau Unibanco Holding S.A. now owns 125,047 shares of the company’s stock valued at $16,893,000 after purchasing an additional 124,489 shares during the period. 1832 Asset Management L.P. purchased a new stake in Snowflake in the second quarter valued at $35,988,000. Frank Rimerman Advisors LLC grew its position in Snowflake by 39.9% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 3,242 shares of the company’s stock worth $438,000 after purchasing an additional 924 shares during the period. Finally, ProShare Advisors LLC raised its stake in shares of Snowflake by 71.2% during the 2nd quarter. ProShare Advisors LLC now owns 2,438 shares of the company’s stock valued at $329,000 after buying an additional 1,014 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

SNOW opened at $110.27 on Monday. The company has a market cap of $36.96 billion, a PE ratio of -39.38 and a beta of 0.83. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a 50 day moving average price of $120.87 and a 200 day moving average price of $139.36.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.52) earnings per share. On average, sell-side analysts predict that Snowflake Inc. will post -2.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Mizuho lowered their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $119.00 to $121.00 in a research note on Friday, August 23rd. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company lowered their price target on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Finally, Barclays cut their price objective on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at approximately $83,511,651.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the sale, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 517,203 shares of company stock valued at $63,833,373. Insiders own 7.80% of the company’s stock.

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, as well as applies artificial intelligence (AI) for solving business problems.