Kovack Advisors Inc. Has $690,000 Position in Snowflake Inc. (NYSE:SNOW)

Kovack Advisors Inc. lessened its holdings in Snowflake Inc. (NYSE:SNOW) by 8.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,269 shares of the company’s stock after selling 410 shares during the quarter. Kovack Advisors Inc.’s holdings in Snowflake were worth $690,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Snowflake in the 4th quarter valued at $838,455,000. Vanguard Group Inc. boosted its position in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Snowflake in the first quarter valued at about $171,608,000. Trivest Advisors Ltd bought a new stake in Snowflake during the fourth quarter worth about $173,747,000. Finally, Cibc World Markets Corp acquired a new stake in shares of Snowflake during the fourth quarter worth approximately $147,120,000. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SNOW. Canaccord Genuity Group lowered their price target on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday, May 24th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $220.00 price target on shares of Snowflake in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Needham & Company LLC restated a “buy” rating and set a $210.00 target price on shares of Snowflake in a research report on Wednesday, June 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research note on Thursday, June 6th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $199.46.

Snowflake Price Performance

SNOW stock traded up $0.94 during trading hours on Thursday, reaching $142.86. The stock had a trading volume of 3,290,913 shares, compared to its average volume of 8,338,478. The stock has a 50-day simple moving average of $145.22 and a 200 day simple moving average of $172.05. Snowflake Inc. has a fifty-two week low of $122.60 and a fifty-two week high of $237.72. The stock has a market capitalization of $47.83 billion, a PE ratio of -50.97 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The firm had revenue of $828.71 million during the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, sell-side analysts forecast that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, Director Michael L. Speiser acquired 76,200 shares of Snowflake stock in a transaction dated Friday, June 7th. The stock was bought at an average price of $131.09 per share, for a total transaction of $9,989,058.00. Following the completion of the acquisition, the director now directly owns 1,632,225 shares in the company, valued at approximately $213,968,375.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Snowflake news, Director Michael L. Speiser purchased 76,200 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were acquired at an average cost of $131.09 per share, with a total value of $9,989,058.00. Following the completion of the transaction, the director now owns 1,632,225 shares in the company, valued at $213,968,375.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benoit Dageville sold 558 shares of Snowflake stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $128.31, for a total transaction of $71,596.98. Following the completion of the sale, the insider now owns 63,222 shares of the company’s stock, valued at approximately $8,112,014.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 519,112 shares of company stock worth $64,932,073. Company insiders own 7.80% of the company’s stock.

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.