NewEdge Advisors LLC Has $7.37 Million Stock Position in Snowflake Inc. $SNOW

Key Points

• NewEdge Advisors LLC increased its stake in Snowflake Inc. by 347% in Q1, acquiring an additional 39,145 shares to reach a total of 50,425 shares valued at approximately $7.37 million.
• Several analysts have raised their price targets for Snowflake, with UBS Group setting a new target of $285.00, reflecting a positive outlook as the stock has a consensus rating of "Moderate Buy."
• Insider selling was significant in recent months, with director Frank Slootman selling over 710,000 shares, leading to a decrease of 81.10% in his ownership position.

NewEdge Advisors LLC boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 347.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 50,425 shares of the company's stock after purchasing an additional 39,145 shares during the period. NewEdge Advisors LLC's holdings in Snowflake were worth $7,370,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after acquiring an additional 29,320 shares during the period. Triumph Capital Management raised its holdings in Snowflake by 30.3% in the 4th quarter. Triumph Capital Management now owns 7,706 shares of the company's stock valued at $1,190,000 after acquiring an additional 1,791 shares during the period. Benjamin Edwards Inc. raised its holdings in Snowflake by 18.3% in the 4th quarter. Benjamin Edwards Inc. now owns 2,228 shares of the company's stock valued at $344,000 after acquiring an additional 344 shares during the period. BOKF NA raised its holdings in Snowflake by 1,725.4% in the 4th quarter. BOKF NA now owns 1,296 shares of the company's stock valued at $211,000 after acquiring an additional 1,225 shares during the period. Finally, Cetera Investment Advisers raised its holdings in Snowflake by 23.5% in the 4th quarter. Cetera Investment Advisers now owns 77,075 shares of the company's stock valued at $11,901,000 after acquiring an additional 14,689 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SNOW shares. Stephens started coverage on shares of Snowflake in a report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target on the stock. UBS Group raised their target price on shares of Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. KeyCorp raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Mizuho raised their target price on shares of Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Finally, Wells Fargo & Company raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $225.47 on Monday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $249.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market capitalization of $75.28 billion, a price-to-earnings ratio of -54.33 and a beta of 1.22. The company's 50 day simple moving average is $212.34 and its 200 day simple moving average is $187.31.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business posted $0.18 earnings per share. The company's quarterly revenue was up 31.8% on a year-over-year basis. As a group, research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the sale, the executive vice president owned 527,336 shares in the company, valued at $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,176,168 shares of company stock worth $708,898,070 over the last quarter. Corporate insiders own 6.80% 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.

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