Beacon Pointe Advisors LLC Raises Position in Snowflake Inc. $SNOW

Beacon Pointe Advisors LLC grew its holdings in Snowflake Inc. (NYSE:SNOW) by 3.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 119,245 shares of the company’s stock after buying an additional 4,516 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Snowflake were worth $26,683,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SNOW. Brighton Jones LLC increased its holdings in Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares during the period. Natixis Advisors LLC grew its position in shares of Snowflake by 16.1% during the first quarter. Natixis Advisors LLC now owns 13,808 shares of the company’s stock worth $2,018,000 after buying an additional 1,914 shares in the last quarter. US Bancorp DE grew its position in shares of Snowflake by 17.8% during the first quarter. US Bancorp DE now owns 30,838 shares of the company’s stock worth $4,507,000 after buying an additional 4,669 shares in the last quarter. Jefferies Financial Group Inc. increased its stake in shares of Snowflake by 133.6% during the first quarter. Jefferies Financial Group Inc. now owns 14,331 shares of the company’s stock worth $2,095,000 after buying an additional 8,196 shares during the period. Finally, Moors & Cabot Inc. raised its holdings in Snowflake by 13.9% in the first quarter. Moors & Cabot Inc. now owns 2,100 shares of the company’s stock valued at $307,000 after acquiring an additional 257 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

Shares of SNOW stock opened at $252.20 on Tuesday. The stock’s 50-day moving average is $249.42 and its two-hundred day moving average is $225.03. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67. The firm has a market cap of $85.45 billion, a price-to-earnings ratio of -60.77 and a beta of 1.09.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SNOW shares. Evercore ISI increased their price objective on shares of Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Wedbush boosted their target price on shares of Snowflake from $250.00 to $270.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Piper Sandler raised their price target on Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Morgan Stanley lifted their price target on Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Finally, Mizuho increased their price objective on Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $270.31.

Insider Transactions at Snowflake

In other news, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the transaction, the director directly owned 153,226 shares in the company, valued at approximately $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total transaction of $2,238,800.00. Following the completion of the sale, the executive vice president owned 532,450 shares of the company’s stock, valued at approximately $119,204,906. This trade represents a 1.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 211,305 shares of company stock worth $50,590,799. 6.80% of the stock is owned by corporate insiders.

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.