Diversify Wealth Management LLC Has $17.37 Million Stock Holdings in Snowflake Inc. $SNOW

Diversify Wealth Management LLC increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 395.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 123,007 shares of the company’s stock after acquiring an additional 98,172 shares during the quarter. Diversify Wealth Management LLC’s holdings in Snowflake were worth $17,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SNOW. Norges Bank acquired a new stake in Snowflake in the fourth quarter valued at $974,091,000. Jennison Associates LLC lifted its stake in shares of Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares during the period. Coatue Management LLC acquired a new stake in Snowflake during the 3rd quarter valued at approximately $441,277,000. Jericho Capital Asset Management L.P. bought a new position in Snowflake during the 4th quarter worth approximately $345,619,000. Finally, Vanguard Group Inc. boosted its stake in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after purchasing an additional 1,448,094 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

NYSE SNOW traded down $5.92 during trading hours on Friday, reaching $261.56. 4,139,738 shares of the company were exchanged, compared to its average volume of 6,159,552. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99. The business’s 50 day simple moving average is $214.78 and its 200-day simple moving average is $191.99. The stock has a market capitalization of $90.66 billion, a P/E ratio of -74.31 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.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 EPS. On average, equities research analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current year.

Insider Buying and Selling at Snowflake

In other news, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the sale, the director directly owned 8,801 shares in the company, valued at $2,200,250. This represents a 91.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 437,076 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the sale, the director directly owned 38,046 shares in the company, valued at approximately $9,603,951.78. The trade was a 91.99% 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. Insiders sold 1,802,015 shares of company stock valued at $421,739,629 in the last quarter. 4.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNOW has been the subject of several research analyst reports. Benchmark lifted their price objective on Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Sanford C. Bernstein raised their price target on shares of Snowflake from $195.00 to $250.00 and gave the stock a “market perform” rating in a report on Thursday, May 28th. Wells Fargo & Company raised their target price on Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Stifel Nicolaus boosted their price objective on Snowflake from $205.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, DA Davidson raised their price objective 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 equities research analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $293.53.

Snowflake 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.