Prentice Wealth Management LLC Decreases Stake in Snowflake Inc. $SNOW

Prentice Wealth Management LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 2.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,472 shares of the company’s stock after selling 54 shares during the quarter. Prentice Wealth Management LLC’s holdings in Snowflake were worth $553,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Capital Advantage Inc. raised its position in shares of Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after purchasing an additional 48 shares during the last quarter. Avion Wealth raised its position in shares of Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares during the last quarter. Ignite Planners LLC raised its position in shares of Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock valued at $418,000 after purchasing an additional 64 shares during the last quarter. Koshinski Asset Management Inc. raised its position in shares of Snowflake by 4.2% in the 2nd quarter. Koshinski Asset Management Inc. now owns 1,604 shares of the company’s stock valued at $359,000 after purchasing an additional 64 shares during the last quarter. Finally, Archford Capital Strategies LLC raised its position in shares of Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock valued at $527,000 after purchasing an additional 68 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SNOW shares. Scotiabank increased their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Monness Crespi & Hardt raised their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. JMP Securities reissued a “market outperform” rating and set a $260.00 price target on shares of Snowflake in a research report on Tuesday, August 26th. The Goldman Sachs Group raised their price target on shares of Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Mizuho raised their price target on shares of Snowflake from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $257.24.

Insider Buying and Selling at Snowflake

In other news, CAO Emily Ho sold 1,658 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total transaction of $373,464.50. Following the sale, the chief accounting officer owned 31,745 shares of the company’s stock, valued at $7,150,561.25. This trade represents a 4.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christian Kleinerman sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the sale, the executive vice president directly owned 43,568 shares in the company, valued at $10,892,000. The trade was a 10.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is currently owned by insiders.

Snowflake Price Performance

Shares of NYSE SNOW opened at $252.91 on Friday. The stock has a market capitalization of $85.69 billion, a price-to-earnings ratio of -60.94 and a beta of 1.21. Snowflake Inc. has a 12 month low of $113.23 and a 12 month high of $255.39. The firm’s 50 day simple moving average is $226.60 and its 200-day simple moving average is $204.62. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. Analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

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.