Virtue Capital Management LLC Purchases Shares of 982 Snowflake Inc. $SNOW

Virtue Capital Management LLC acquired a new position in Snowflake Inc. (NYSE:SNOW) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 982 shares of the company’s stock, valued at approximately $220,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC boosted its holdings in Snowflake by 10.3% in the 2nd quarter. Hsbc Holdings PLC now owns 159,380 shares of the company’s stock worth $35,642,000 after buying an additional 14,948 shares during the period. Level Four Advisory Services LLC lifted its position in shares of Snowflake by 22.2% in the second quarter. Level Four Advisory Services LLC now owns 78,334 shares of the company’s stock valued at $17,529,000 after acquiring an additional 14,239 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC bought a new position in shares of Snowflake in the second quarter worth about $448,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Snowflake by 1.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 316,300 shares of the company’s stock worth $70,778,000 after acquiring an additional 3,445 shares during the period. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new stake in shares of Snowflake during the second quarter worth about $380,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Trading Up 0.9%

NYSE SNOW opened at $250.97 on Friday. The stock has a market cap of $85.03 billion, a PE ratio of -60.47 and a beta of 1.23. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The company’s 50-day moving average price is $248.96 and its 200-day moving average price is $224.24. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the business posted $0.18 EPS. Snowflake’s quarterly revenue was up 31.8% on a year-over-year basis. Equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNOW. Royal Bank Of Canada increased their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Scotiabank boosted their price target on shares of Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Piper Sandler lifted their target price on Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Snowflake in a research report on Wednesday, October 8th. Finally, Morgan Stanley raised their price target on Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $268.22.

Insider Transactions at Snowflake

In related news, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated 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 transaction, the director owned 35,276 shares in the company, valued at approximately $7,931,808.60. The trade was a 58.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 221,305 shares of company stock worth $52,925,799. Corporate insiders own 6.80% of the company’s stock.

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.