Ritholtz Wealth Management Invests $355,000 in Snowflake Inc. (NYSE:SNOW)

Ritholtz Wealth Management acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,432 shares of the company’s stock, valued at approximately $355,000.

Several other institutional investors and hedge funds have also made changes to their positions in SNOW. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake during the first quarter worth $26,000. CVA Family Office LLC raised its holdings in shares of Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares during the last quarter. West Paces Advisors Inc. purchased a new position in shares of Snowflake during the fourth quarter worth $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake during the fourth quarter worth $31,000. Finally, Capital A Wealth Management LLC purchased a new position in shares of Snowflake during the fourth quarter worth $31,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $129.25, for a total value of $52,087.75. Following the transaction, the director now directly owns 26,375 shares in the company, valued at approximately $3,408,968.75. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 894,638 shares of company stock worth $169,965,038 over the last ninety days. Corporate insiders own 6.80% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent research reports. KeyCorp reduced their target price on shares of Snowflake from $220.00 to $192.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. JMP Securities reissued a “market outperform” rating and set a $245.00 target price on shares of Snowflake in a report on Wednesday, June 4th. Citigroup reissued an “outperform” rating on shares of Snowflake in a report on Thursday, May 22nd. Truist Financial raised their target price on shares of Snowflake from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Finally, Stifel Nicolaus lifted their price objective on shares of Snowflake from $210.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $223.50.

Snowflake Price Performance

SNOW stock opened at $211.89 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The business has a 50 day simple moving average of $181.78 and a 200-day simple moving average of $171.80. The firm has a market capitalization of $70.74 billion, a PE ratio of -50.33 and a beta of 1.21. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $214.83.

Snowflake (NYSE:SNOW) last posted its quarterly 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 business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. Equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal 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.