Portside Wealth Group LLC Makes New Investment in Snowflake Inc. $SNOW

Portside Wealth Group LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 941 shares of the company’s stock, valued at approximately $211,000.

Other institutional investors have also modified their holdings of the company. Capital Advantage Inc. raised its holdings in Snowflake by 1.1% in the second quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after buying an additional 48 shares during the period. Wedbush Securities Inc. grew its stake in Snowflake by 1.3% during the second quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after buying an additional 48 shares during the period. Avion Wealth increased its position in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares in the last quarter. Advyzon Investment Management LLC raised its stake in shares of Snowflake by 3.8% in the 2nd quarter. Advyzon Investment Management LLC now owns 1,520 shares of the company’s stock valued at $340,000 after acquiring an additional 55 shares during the period. Finally, Koshinski Asset Management Inc. lifted its holdings in shares of Snowflake by 4.2% during the 2nd quarter. Koshinski Asset Management Inc. now owns 1,604 shares of the company’s stock valued at $359,000 after acquiring an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of research reports. Macquarie increased their price target on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Wells Fargo & Company initiated coverage on Snowflake in a research report on Tuesday, September 30th. They issued an “overweight” rating and a $275.00 target price for the company. Jefferies Financial Group increased their target price on Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. JMP Securities raised their target price on Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a report on Tuesday, October 28th. Finally, BTIG Research upped their price objective on shares of Snowflake from $276.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.42.

Snowflake Trading Down 3.3%

Shares of NYSE:SNOW opened at $244.59 on Friday. 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 company’s 50-day moving average price is $246.10 and its 200 day moving average price is $220.88. The company has a market cap of $82.87 billion, a PE ratio of -58.94 and a beta of 1.23. Snowflake Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $280.67.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 earnings per share. Sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $277.73, for a total transaction of $2,777,300.00. Following the transaction, the executive vice president directly owned 522,450 shares of the company’s stock, valued at approximately $145,100,038.50. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 dated Friday, November 7th. The shares were sold at an average price of $257.29, for a total transaction of $103,687.87. Following the sale, the director owned 24,927 shares in the company, valued at approximately $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. Insiders have sold a total of 931,388 shares of company stock worth $216,578,628 in the last three months. 6.80% of the stock is owned by company insiders.

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.