Checchi Capital Advisers LLC Purchases New Shares in Snowflake Inc. $SNOW

Checchi Capital Advisers LLC acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,375 shares of the company’s stock, valued at approximately $308,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Diligent Investors LLC grew its stake in shares of Snowflake by 2.9% in the second quarter. Diligent Investors LLC now owns 4,554 shares of the company’s stock valued at $1,019,000 after acquiring an additional 127 shares in the last quarter. Quent Capital LLC boosted its holdings in Snowflake by 21,396.1% in the 2nd quarter. Quent Capital LLC now owns 21,926 shares of the company’s stock valued at $4,906,000 after purchasing an additional 21,824 shares during the period. Fortis Capital Advisors LLC bought a new stake in Snowflake in the 2nd quarter valued at about $967,000. Fairvoy Private Wealth LLC bought a new position in shares of Snowflake during the second quarter worth approximately $1,040,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Snowflake during the second quarter worth approximately $84,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the completion of the transaction, the executive vice president directly owned 527,336 shares in the company, valued at approximately $123,132,956. This represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares of the company’s stock, valued at $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,177,434 shares of company stock valued at $269,030,661 in the last quarter. 6.80% of the stock is owned by company insiders.

Snowflake Stock Performance

NYSE:SNOW opened at $242.73 on Tuesday. Snowflake Inc. has a twelve month low of $113.06 and a twelve month high of $249.99. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock’s 50-day simple moving average is $216.42 and its 200 day simple moving average is $196.76. The firm has a market capitalization of $82.24 billion, a PE ratio of -58.49 and a beta of 1.21.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. On average, analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on SNOW. Sanford C. Bernstein increased their price target on Snowflake from $191.00 to $221.00 and gave the stock a “market perform” rating in a research report on Thursday, August 28th. KeyCorp upped their target price on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Morgan Stanley raised their price target on Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Jefferies Financial Group boosted their price target on Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Stifel Nicolaus increased their price objective on shares of Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $255.53.

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.