Elevation Point Wealth Partners LLC Grows Stock Position in Snowflake Inc. $SNOW

Elevation Point Wealth Partners LLC boosted its holdings in Snowflake Inc. (NYSE:SNOW) by 150.8% during the first quarter, Holdings Channel.com reports. The fund owned 5,766 shares of the company’s stock after acquiring an additional 3,467 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Snowflake were worth $870,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its position in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Intech Investment Management LLC grew its position in shares of Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after purchasing an additional 2,167 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after purchasing an additional 73 shares during the last quarter. Flow Traders U.S. LLC purchased a new position in shares of Snowflake during the 2nd quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Snowflake by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock worth $5,055,000 after purchasing an additional 1,521 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Up 0.7%

Shares of NYSE SNOW opened at $261.88 on Tuesday. The stock has a market capitalization of $90.77 billion, a PE ratio of -74.40 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The firm has a fifty day moving average of $205.08 and a 200-day moving average of $190.58. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company posted $0.24 EPS. The business’s quarterly revenue was up 33.5% on a year-over-year basis. On average, analysts anticipate that Snowflake Inc. will post -1.87 EPS for the current year.

Insider Buying and Selling at Snowflake

In related news, CRO Jonathan Mead Beaulier sold 9,367 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $231.98, for a total transaction of $2,172,956.66. Following the completion of the sale, the executive owned 234,791 shares of the company’s stock, valued at approximately $54,466,816.18. This represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Christian Kleinerman sold 2,500 shares of Snowflake stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total transaction of $646,400.00. Following the transaction, the executive vice president directly owned 397,879 shares in the company, valued at approximately $102,875,594.24. This trade represents a 0.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,751,274 shares of company stock worth $408,653,013. Company insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SNOW. TD Cowen reaffirmed a “buy” rating and issued a $300.00 target price on shares of Snowflake in a research note on Wednesday, June 3rd. BTIG Research boosted their price target on Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Evercore set a $200.00 price objective on Snowflake in a research report on Tuesday, April 14th. Morgan Stanley increased their price objective on Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, DA Davidson boosted their target price on shares of Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $293.53.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.