Redwood Wealth Management Group LLC Invests $47,000 in Snowflake Inc. (NYSE:SNOW)

Redwood Wealth Management Group LLC acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 350 shares of the company’s stock, valued at approximately $47,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Commerce Bank grew its holdings in shares of Snowflake by 0.8% during the fourth quarter. Commerce Bank now owns 6,138 shares of the company’s stock worth $1,221,000 after purchasing an additional 51 shares in the last quarter. Park Avenue Securities LLC grew its stake in Snowflake by 0.5% in the 1st quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock worth $2,179,000 after buying an additional 70 shares in the last quarter. Covestor Ltd increased its holdings in shares of Snowflake by 25.0% in the 1st quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after buying an additional 70 shares during the last quarter. IAM Advisory LLC increased its stake in Snowflake by 2.0% in the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock valued at $600,000 after acquiring an additional 74 shares during the last quarter. Finally, Joseph P. Lucia & Associates LLC increased its position in shares of Snowflake by 2.6% during the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after purchasing an additional 75 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the transaction, the executive vice president now owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Snowflake news, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the sale, the executive vice president now owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 1,295 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the sale, the insider now owns 58,791 shares of the company’s stock, valued at $7,360,045.29. The disclosure for this sale can be found here. Insiders have sold 512,262 shares of company stock valued at $63,340,261 over the last ninety days. Insiders own 7.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SNOW. TD Cowen lowered their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Royal Bank of Canada reduced their price objective on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Mizuho lowered their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Oppenheimer reiterated an “outperform” rating and issued a $220.00 price objective on shares of Snowflake in a research report on Thursday, May 23rd. Finally, StockNews.com cut shares of Snowflake from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $113.67 on Monday. The firm’s 50 day moving average price is $123.48 and its 200-day moving average price is $141.48. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The company has a market cap of $38.10 billion, a PE ratio of -40.60 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.52) EPS. On average, analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

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.