Onyx Bridge Wealth Group LLC Purchases 387 Shares of Snowflake Inc. $SNOW

Onyx Bridge Wealth Group LLC boosted its position in shares of Snowflake Inc. (NYSE:SNOW) by 22.4% in the second quarter, Holdings Channel.com reports. The firm owned 2,115 shares of the company’s stock after acquiring an additional 387 shares during the period. Onyx Bridge Wealth Group LLC’s holdings in Snowflake were worth $473,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SNOW. Brighton Jones LLC increased its holdings in Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. GAMMA Investing LLC increased its holdings in Snowflake by 102.8% during the 1st quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock worth $116,000 after purchasing an additional 402 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Snowflake by 3.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 46,547 shares of the company’s stock worth $6,803,000 after purchasing an additional 1,426 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Snowflake by 51.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,733 shares of the company’s stock worth $3,030,000 after purchasing an additional 7,062 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Snowflake by 15.4% during the 1st quarter. Oppenheimer & Co. Inc. now owns 25,043 shares of the company’s stock worth $3,660,000 after purchasing an additional 3,333 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 2.3%

Snowflake stock opened at $241.71 on Thursday. Snowflake Inc. has a 52 week low of $113.23 and a 52 week high of $255.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market capitalization of $81.89 billion, a P/E ratio of -58.24 and a beta of 1.21. The stock has a 50-day simple moving average of $225.44 and a 200 day simple moving average of $203.78.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SNOW shares. Jefferies Financial Group increased their target price on Snowflake from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Morgan Stanley raised their price objective on Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Stephens initiated coverage on Snowflake in a report on Friday, July 18th. They issued an “overweight” rating and a $261.00 price objective for the company. Sanford C. Bernstein raised their price objective on Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a report on Thursday, August 28th. Finally, Royal Bank Of Canada raised their price objective on Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.24.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $10,505,037.22. Following the transaction, the director owned 36,116 shares of the company’s stock, valued at $7,537,048.04. The trade was a 58.23% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Company insiders own 6.80% of the company’s stock.

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.