Wealthedge Investment Advisors LLC Takes Position in Snowflake Inc. $SNOW

Wealthedge Investment Advisors LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,897 shares of the company’s stock, valued at approximately $872,000.

Several other large investors have also added to or reduced their stakes in the business. Trust Co. of Toledo NA OH acquired a new position in Snowflake in the second quarter valued at approximately $25,000. Avion Wealth increased its stake in shares of Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares in the last quarter. Rossby Financial LCC increased its stake in shares of Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after acquiring an additional 127 shares in the last quarter. Whittier Trust Co. lifted its position in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after acquiring an additional 82 shares during the period. Finally, Golden State Wealth Management LLC boosted its stake in Snowflake by 417.2% during the second quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock worth $34,000 after acquiring an additional 121 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares in the company, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, November 7th. The stock was sold at an average price of $257.29, for a total transaction of $103,687.87. Following the transaction, the director directly owned 24,927 shares in the company, valued at $6,413,467.83. This represents a 1.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 221,305 shares of company stock valued at $52,925,799. 6.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on SNOW. Cowen reaffirmed a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. Barclays boosted their target price on Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. JMP Securities upped their price target on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 28th. Oppenheimer reissued an “outperform” rating on shares of Snowflake in a research note on Friday, November 21st. Finally, Jefferies Financial Group set a $300.00 price objective on Snowflake in a report on Monday, November 24th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $270.31.

Snowflake Stock Performance

Shares of Snowflake stock opened at $250.97 on Monday. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average price of $248.96 and a 200-day moving average price of $224.55. The company has a market cap of $85.03 billion, a PE ratio of -60.47 and a beta of 1.23.

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.