Lake Street Private Wealth LLC Acquires 15,593 Shares of Snowflake Inc. (NYSE:SNOW)

Lake Street Private Wealth LLC grew its holdings in Snowflake Inc. (NYSE:SNOW) by 1,082.8% in the 1st quarter, Holdings Channel reports. The fund owned 17,033 shares of the company’s stock after purchasing an additional 15,593 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Snowflake were worth $2,490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Quarry LP boosted its position in shares of Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company’s stock valued at $102,000 after acquiring an additional 59 shares during the period. Gabelli Funds LLC boosted its position in shares of Snowflake by 3.3% in the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company’s stock valued at $317,000 after acquiring an additional 65 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Snowflake by 0.6% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company’s stock valued at $2,077,000 after acquiring an additional 69 shares during the period. Larson Financial Group LLC boosted its position in shares of Snowflake by 21.8% in the fourth quarter. Larson Financial Group LLC now owns 413 shares of the company’s stock valued at $64,000 after acquiring an additional 74 shares during the period. Finally, Landscape Capital Management L.L.C. boosted its position in shares of Snowflake by 3.0% in the fourth quarter. Landscape Capital Management L.L.C. now owns 2,627 shares of the company’s stock valued at $406,000 after acquiring an additional 77 shares during the period. 65.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SNOW shares. Mizuho increased their price objective on Snowflake from $215.00 to $235.00 and gave the company an “outperform” rating in a research report on Wednesday. Jefferies Financial Group upped their target price on Snowflake from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. upped their target price on Snowflake from $210.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday, May 22nd. HSBC lowered Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, Hsbc Global Res lowered Snowflake from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $221.28.

Insider Activity

In related news, Director Frank Slootman sold 1,783 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $262,528.92. Following the transaction, the director now owns 192,511 shares in the company, valued at $28,345,319.64. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 849,779 shares of company stock worth $159,318,643. 6.80% of the stock is owned by corporate insiders.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $209.44 on Thursday. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $214.83. The firm has a market cap of $69.92 billion, a PE ratio of -61.78 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The business has a fifty day moving average of $166.87 and a 200-day moving average of $168.02.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the company posted $0.14 earnings per share. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year. On average, equities research analysts predict 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.