Franklin Resources Inc. Has $263.67 Million Position in Snowflake Inc. (NYSE:SNOW)

Franklin Resources Inc. cut its position in shares of Snowflake Inc. (NYSE:SNOW) by 7.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,324,984 shares of the company’s stock after selling 103,069 shares during the quarter. Franklin Resources Inc.’s holdings in Snowflake were worth $263,672,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Provence Wealth Management Group acquired a new stake in Snowflake during the third quarter worth about $30,000. M&R Capital Management Inc. lifted its stake in Snowflake by 100.0% during the fourth quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock worth $40,000 after purchasing an additional 100 shares during the period. Parkside Financial Bank & Trust lifted its stake in Snowflake by 34.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 202 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the period. Global Wealth Management Investment Advisory Inc. lifted its stake in Snowflake by 89.0% during the third quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company’s stock worth $31,000 after purchasing an additional 97 shares during the period. Finally, Private Trust Co. NA lifted its stake in Snowflake by 188.6% during the fourth quarter. Private Trust Co. NA now owns 228 shares of the company’s stock worth $45,000 after purchasing an additional 149 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Up 0.5 %

Shares of SNOW stock traded up $0.76 on Wednesday, reaching $163.47. The stock had a trading volume of 2,089,704 shares, compared to its average volume of 5,954,998. The firm’s 50-day moving average is $157.11 and its two-hundred day moving average is $180.38. The firm has a market capitalization of $54.63 billion, a price-to-earnings ratio of -63.87 and a beta of 0.90. Snowflake Inc. has a 12 month low of $138.40 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The company had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, sell-side analysts forecast that Snowflake Inc. will post -1.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SNOW. JPMorgan Chase & Co. cut their target price on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Citigroup cut their target price on shares of Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a research note on Monday, March 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $230.00 target price on shares of Snowflake in a research note on Thursday, February 29th. Macquarie upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $182.00 to $205.00 in a research note on Thursday, February 29th. Finally, Barclays cut their target price on shares of Snowflake from $198.00 to $188.00 and set an “equal weight” rating for the company in a research note on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.69.

Insider Activity at Snowflake

In other Snowflake news, Director Mark D. Mclaughlin bought 3,030 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were purchased at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the transaction, the director now directly owns 11,687 shares in the company, valued at approximately $1,933,614.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Mark D. Mclaughlin purchased 3,030 shares of Snowflake stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the transaction, the director now owns 11,687 shares of the company’s stock, valued at approximately $1,933,614.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $161.94, for a total transaction of $242,910.00. Following the sale, the executive vice president now owns 772,291 shares in the company, valued at approximately $125,064,804.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,380 shares of company stock worth $9,803,625. Insiders own 8.30% of the company’s stock.

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.