Newbridge Financial Services Group Inc. Acquires 722 Shares of Snowflake Inc. (NYSE:SNOW)

Newbridge Financial Services Group Inc. raised its holdings in Snowflake Inc. (NYSE:SNOW) by 27.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,342 shares of the company’s stock after buying an additional 722 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Snowflake were worth $451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Heritage Wealth Management Inc. bought a new position in shares of Snowflake in the second quarter valued at $530,000. Sanctuary Advisors LLC acquired a new position in shares of Snowflake during the 2nd quarter worth about $3,352,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Snowflake in the 2nd quarter valued at about $142,000. Cetera Investment Advisers lifted its stake in Snowflake by 8.0% in the 2nd quarter. Cetera Investment Advisers now owns 68,800 shares of the company’s stock valued at $9,294,000 after purchasing an additional 5,112 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new position in Snowflake during the second quarter worth about $201,000. 65.10% of the stock is owned by institutional investors.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the completion of the sale, the executive vice president now directly owns 733,773 shares of the company’s stock, valued at approximately $104,914,863.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Frank Slootman sold 1,606 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $2,144,700.00. Following the sale, the executive vice president now owns 733,773 shares in the company, valued at $104,914,863.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,386 shares of company stock valued at $5,715,941. 7.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SNOW shares. Wells Fargo & Company reduced their target price on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Rosenblatt Securities restated a “buy” rating and set a $195.00 price objective on shares of Snowflake in a research report on Monday, August 19th. Hsbc Global Res upgraded shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. Barclays cut their price objective on shares of Snowflake from $191.00 to $146.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Finally, Robert W. Baird reduced their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $175.17.

Snowflake Stock Performance

Shares of Snowflake stock opened at $110.23 on Wednesday. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The stock has a 50 day moving average price of $118.10 and a two-hundred day moving average price of $136.75. The stock has a market capitalization of $36.95 billion, a PE ratio of -39.37 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.52) earnings per share. Research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current year.

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.