AE Wealth Management LLC Makes New Investment in Snowflake Inc. (NYSE:SNOW)

AE Wealth Management LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 1st quarter, Holdings Channel.com reports. The firm bought 2,122 shares of the company’s stock, valued at approximately $310,000.

Several other hedge funds have also recently bought and sold shares of SNOW. Opal Wealth Advisors LLC bought a new stake in Snowflake during the first quarter valued at about $26,000. CVA Family Office LLC boosted its holdings in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Finally, Capital A Wealth Management LLC bought a new stake in Snowflake during the fourth quarter valued at about $31,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Performance

NYSE:SNOW opened at $220.12 on Thursday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $226.60. The firm has a 50 day moving average of $213.37 and a 200-day moving average of $182.01. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $73.49 billion, a P/E ratio of -52.28 and a beta of 1.22.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. Snowflake’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 earnings per share. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several research reports. Robert W. Baird increased their target price on shares of Snowflake from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, May 22nd. Cantor Fitzgerald increased their target price on shares of Snowflake from $183.00 to $242.00 and gave the company an “overweight” rating in a research note on Thursday, May 22nd. Wells Fargo & Company reiterated an “overweight” rating and issued a $250.00 target price (up previously from $225.00) on shares of Snowflake in a research note on Friday, June 13th. JPMorgan Chase & Co. increased their target price on shares of Snowflake from $210.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday, May 22nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $215.00 target price (up previously from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $226.73.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $221.47, for a total value of $89,252.41. Following the completion of the sale, the director owned 26,539 shares of the company’s stock, valued at $5,877,592.33. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total transaction of $2,188,900.00. Following the completion of the sale, the executive vice president directly owned 547,336 shares of the company’s stock, valued at approximately $119,806,377.04. This represents a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,698,258 shares of company stock worth $586,482,906. 6.80% 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.