United Asset Strategies Inc. Makes New Investment in Snowflake Inc. $SNOW

United Asset Strategies Inc. purchased a new position in Snowflake Inc. (NYSE:SNOW) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,660 shares of the company’s stock, valued at approximately $819,000.

Several other hedge funds have also modified their holdings of the company. Capital Advantage Inc. boosted its stake in Snowflake by 1.1% in the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after acquiring an additional 48 shares in the last quarter. Wedbush Securities Inc. grew its stake in shares of Snowflake by 1.3% during the second quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after acquiring an additional 48 shares during the last quarter. Avion Wealth grew its stake in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the last quarter. Advyzon Investment Management LLC increased its holdings in shares of Snowflake by 3.8% during the second quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company’s stock valued at $340,000 after acquiring an additional 55 shares in the last quarter. Finally, Ignite Planners LLC increased its holdings in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock valued at $418,000 after acquiring an additional 64 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. The Goldman Sachs Group lifted their price objective on shares of Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Mizuho boosted their price objective on shares of Snowflake from $235.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Citigroup reissued a “market outperform” rating on shares of Snowflake in a research report on Tuesday, October 28th. Finally, JMP Securities boosted their price target on Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $259.89.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the sale, the executive vice president owned 527,336 shares of the company’s stock, valued at approximately $123,132,956. This trade represents a 1.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the business’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $224.85, for a total transaction of $11,318,499.30. Following the completion of the sale, the director directly owned 35,276 shares of the company’s stock, valued at approximately $7,931,808.60. The trade was a 58.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 931,388 shares of company stock valued at $216,578,628. Corporate insiders own 6.80% of the company’s stock.

Snowflake Trading Down 0.7%

SNOW stock opened at $269.36 on Thursday. Snowflake Inc. has a 52-week low of $120.10 and a 52-week high of $280.67. 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 firm has a market cap of $91.26 billion, a P/E ratio of -64.91 and a beta of 1.23. The company’s 50-day simple moving average is $242.71 and its 200-day simple moving average is $217.47.

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