Blodgett Wealth Advisors LLC Buys Shares of 1,430 Snowflake Inc. $SNOW

Key Points

• Blodgett Wealth Advisors LLC acquired 1,430 shares of Snowflake Inc., valued at approximately $320,000, marking a new investment position during the second quarter of the year.
• Multiple hedge funds have also increased their stakes in Snowflake, with a significant focus on **institutional ownership**, which now stands at 65.10% of the company's stock.
• Snowflake recently reported earnings that exceeded expectations, with a revenue of **$1.14 billion**, reflecting a 31.8% year-over-year increase.

Blodgett Wealth Advisors LLC purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,430 shares of the company's stock, valued at approximately $320,000.

A number of other hedge funds have also modified their holdings of the stock. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Snowflake in the second quarter worth $638,000. Breakwater Capital Group boosted its holdings in Snowflake by 18.2% in the second quarter. Breakwater Capital Group now owns 3,868 shares of the company's stock worth $866,000 after purchasing an additional 596 shares in the last quarter. Fiduciary Alliance LLC bought a new stake in Snowflake in the second quarter worth $303,000. Connective Portfolio Management LLC bought a new stake in Snowflake in the second quarter worth $895,000. Finally, Beacon Financial Group boosted its holdings in Snowflake by 13.4% in the second quarter. Beacon Financial Group now owns 1,696 shares of the company's stock worth $380,000 after purchasing an additional 200 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JMP Securities reiterated a "market outperform" rating and issued a $260.00 price objective on shares of Snowflake in a report on Tuesday, August 26th. BTIG Research upped their price objective on shares of Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Rosenblatt Securities upped their price objective on shares of Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Oppenheimer upped their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Evercore ISI upped their price target on shares of Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Stock Down 4.2%

NYSE SNOW opened at $216.35 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a 50-day simple moving average of $212.69 and a 200 day simple moving average of $189.73. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99. The stock has a market cap of $73.30 billion, a PE ratio of -52.13 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter last year, the company earned $0.18 earnings per share. The firm's revenue was up 31.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 548 shares of the firm's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $223.86, for a total transaction of $122,675.28. Following the completion of the transaction, the executive vice president owned 553,733 shares in the company, valued at $123,958,669.38. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $224.84, for a total transaction of $90,610.52. Following the transaction, the director owned 25,733 shares of the company's stock, valued at approximately $5,785,807.72. This represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,214,120 shares of company stock worth $717,676,398. Company insiders own 6.80% 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.

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