Institute for Wealth Management LLC. Grows Position in Snowflake Inc. (NYSE:SNOW)

Institute for Wealth Management LLC. raised its holdings in Snowflake Inc. (NYSE:SNOW) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,283 shares of the company’s stock after purchasing an additional 119 shares during the period. Institute for Wealth Management LLC.’s holdings in Snowflake were worth $852,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in Snowflake by 79.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,293 shares of the company’s stock valued at $984,000 after acquiring an additional 1,897 shares during the period. MetLife Investment Management LLC bought a new stake in shares of Snowflake during the 1st quarter valued at $2,880,000. Panagora Asset Management Inc. lifted its holdings in Snowflake by 24.8% during the 1st quarter. Panagora Asset Management Inc. now owns 2,718 shares of the company’s stock worth $623,000 after purchasing an additional 540 shares in the last quarter. Raymond James Trust N.A. bought a new position in Snowflake in the 1st quarter worth about $362,000. Finally, Cibc World Market Inc. grew its holdings in Snowflake by 37.2% during the 1st quarter. Cibc World Market Inc. now owns 13,959 shares of the company’s stock valued at $3,198,000 after buying an additional 3,783 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 2.0 %

Shares of NYSE:SNOW opened at $145.45 on Friday. Snowflake Inc. has a 12 month low of $135.26 and a 12 month high of $237.72. The company has a market cap of $48.61 billion, a price-to-earnings ratio of -57.04 and a beta of 0.91. The company has a 50-day moving average price of $177.80 and a 200-day moving average price of $179.00.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The firm had revenue of $774.70 million for the quarter, compared to the consensus estimate of $759.86 million. As a group, research analysts forecast that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SNOW shares. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Guggenheim raised shares of Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. JMP Securities lifted their price objective on Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. Barclays reduced their target price on Snowflake from $198.00 to $188.00 and set an “equal weight” rating for the company in a research report on Friday, March 1st. Finally, Needham & Company LLC lowered their price target on Snowflake from $265.00 to $240.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $202.00.

Insider Activity at Snowflake

In other Snowflake news, CEO Sridhar Ramaswamy purchased 31,542 shares of Snowflake stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of $158.52 per share, with a total value of $5,000,037.84. Following the acquisition, the chief executive officer now owns 31,542 shares of the company’s stock, valued at approximately $5,000,037.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the sale, the insider now directly owns 55,216 shares in the company, valued at approximately $8,627,500. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sridhar Ramaswamy bought 31,542 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was purchased at an average price of $158.52 per share, for a total transaction of $5,000,037.84. Following the transaction, the chief executive officer now owns 31,542 shares of the company’s stock, valued at $5,000,037.84. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 180,555 shares of company stock worth $36,868,487. 8.30% of the stock is owned by company insiders.

Snowflake 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.