NewEdge Advisors LLC Grows Stock Holdings in Snowflake Inc. (NYSE:SNOW)

NewEdge Advisors LLC lifted its holdings in Snowflake Inc. (NYSE:SNOW) by 42.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,800 shares of the company’s stock after acquiring an additional 4,116 shares during the quarter. NewEdge Advisors LLC’s holdings in Snowflake were worth $1,864,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SNOW. Vanguard Group Inc. grew its position in Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after purchasing an additional 297,428 shares during the period. Jennison Associates LLC grew its holdings in Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock worth $1,132,568,000 after acquiring an additional 249,249 shares during the period. Legal & General Group Plc grew its holdings in Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after acquiring an additional 223,936 shares during the period. Swedbank AB acquired a new position in Snowflake in the first quarter valued at approximately $258,957,000. Finally, Bank of New York Mellon Corp lifted its holdings in Snowflake by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock valued at $216,142,000 after acquiring an additional 8,743 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,800,000.00. Following the sale, the executive vice president now owns 718,773 shares of the company’s stock, valued at approximately $86,252,760. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,538 shares of company stock worth $3,449,994. Insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on SNOW. DA Davidson reaffirmed a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research note on Thursday. Citigroup cut their price objective on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. The Goldman Sachs Group reissued a “buy” rating and set a $220.00 target price on shares of Snowflake in a research note on Monday, July 1st. Jefferies Financial Group cut their price target on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Robert W. Baird lowered their price target on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Trading Up 3.8 %

Shares of SNOW stock opened at $114.69 on Friday. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The company’s 50-day moving average price is $117.12 and its 200-day moving average price is $136.09. The stock has a market cap of $38.40 billion, a price-to-earnings ratio of -40.96 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company 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%. Snowflake’s revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.52) EPS. As a group, equities research analysts predict that Snowflake Inc. will post -2.41 EPS for the current year.

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.