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

Redwood Wealth Management Group LLC acquired a new position in Snowflake Inc. (NYSE:SNOW) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 350 shares of the company’s stock, valued at approximately $47,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Snowflake by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 199,474 shares of the company’s stock worth $39,697,000 after buying an additional 10,575 shares during the period. Principal Financial Group Inc. raised its stake in Snowflake by 17.5% during the 4th quarter. Principal Financial Group Inc. now owns 97,788 shares of the company’s stock worth $19,460,000 after acquiring an additional 14,542 shares during the period. Avantax Advisory Services Inc. lifted its holdings in Snowflake by 26.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 4,722 shares of the company’s stock valued at $940,000 after purchasing an additional 986 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Snowflake by 26.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 33,529 shares of the company’s stock worth $6,672,000 after purchasing an additional 7,033 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in shares of Snowflake by 67.5% in the fourth quarter. Quadrant Capital Group LLC now owns 355 shares of the company’s stock worth $71,000 after purchasing an additional 143 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

Shares of SNOW stock opened at $113.67 on Monday. The stock has a 50 day moving average price of $123.48 and a 200 day moving average price of $141.48. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The firm has a market capitalization of $38.10 billion, a P/E ratio of -40.60 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the company earned ($0.52) earnings per share. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.42 EPS for the current year.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and set a $195.00 target price on shares of Snowflake in a research note on Monday, August 19th. Canaccord Genuity Group lowered their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. increased their target price on Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Evercore ISI lowered their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Barclays dropped their price target on Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $176.03.

Insider Buying and Selling at Snowflake

In other 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 transaction 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 $60,922,410.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 1,535 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $125.93, for a total transaction of $193,302.55. Following the transaction, the executive vice president now owns 749,615 shares of the company’s stock, valued at approximately $94,399,016.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares of the company’s stock, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Insiders sold a total of 512,262 shares of company stock valued at $63,340,261 in the last three months. Company insiders own 7.80% of the company’s stock.

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.