Snowflake Inc. (NYSE:SNOW) Position Boosted by NewEdge Advisors LLC

NewEdge Advisors LLC lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 30.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,280 shares of the company's stock after purchasing an additional 2,623 shares during the quarter. NewEdge Advisors LLC's holdings in Snowflake were worth $1,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in SNOW. Stonebridge Financial Group LLC purchased a new stake in shares of Snowflake during the 4th quarter worth about $29,000. Quadrant Capital Group LLC increased its holdings in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock worth $33,000 after buying an additional 91 shares during the last quarter. Blue Bell Private Wealth Management LLC raised its position in Snowflake by 189.5% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company's stock valued at $34,000 after acquiring an additional 144 shares in the last quarter. Perkins Coie Trust Co lifted its stake in Snowflake by 136.3% in the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company's stock valued at $37,000 after acquiring an additional 139 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in Snowflake in the fourth quarter worth approximately $38,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Performance

NYSE SNOW opened at $140.14 on Wednesday. The firm has a market cap of $46.26 billion, a price-to-earnings ratio of -41.34 and a beta of 1.13. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $194.40. The company has a 50 day moving average of $157.00 and a 200-day moving average of $155.02.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Macquarie assumed coverage on shares of Snowflake in a research note on Wednesday, April 2nd. They issued a "neutral" rating and a $160.00 price objective for the company. Bank of America boosted their price target on Snowflake from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, February 20th. Oppenheimer increased their price objective on Snowflake from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Thursday, February 27th. UBS Group boosted their target price on Snowflake from $190.00 to $200.00 and gave the stock a "neutral" rating in a report on Thursday, February 27th. Finally, Evercore ISI increased their price target on Snowflake from $190.00 to $200.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Ten investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $201.35.

Insider Activity at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $186.50, for a total transaction of $2,797,500.00. Following the completion of the sale, the executive vice president now directly owns 552,930 shares of the company's stock, valued at approximately $103,121,445. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 364,342 shares of company stock valued at $59,978,513 in the last three months. Corporate 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.

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