Snowflake Inc. $SNOW Stock: Sumitomo Mitsui Trust Group Inc. Lowers Holdings

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Snowflake Inc. (NYSE:SNOW) by 10.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 722,370 shares of the company’s stock after selling 85,617 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Snowflake were worth $245,288,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Reyes Financial Architecture Inc. bought a new position in Snowflake during the 3rd quarter worth $32,000. Mather Group LLC. raised its position in shares of Snowflake by 98.0% during the 3rd quarter. Mather Group LLC. now owns 101 shares of the company’s stock worth $34,000 after buying an additional 50 shares in the last quarter. Ninety One UK Ltd acquired a new stake in shares of Snowflake in the third quarter valued at $36,000. Fortitude Family Office LLC grew its position in Snowflake by 146.7% in the third quarter. Fortitude Family Office LLC now owns 111 shares of the company’s stock worth $38,000 after buying an additional 66 shares during the last quarter. Finally, GK Wealth Management LLC acquired a new stake in Snowflake during the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 50,000 shares of the business’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $350.00, for a total transaction of $17,500,000.00. Following the completion of the sale, the director owned 10,074 shares in the company, valued at approximately $3,525,900. The trade was a 83.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $324.06, for a total value of $16,312,532.28. Following the transaction, the director directly owned 26,036 shares in the company, valued at approximately $8,437,226.16. The trade was a 65.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,206,443 shares of company stock valued at $396,866,828 over the last 90 days. 4.80% of the stock is owned by company insiders.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $304.86 on Monday. The stock’s fifty day moving average price is $331.88 and its two-hundred day moving average price is $239.75. Snowflake Inc. has a one year low of $118.30 and a one year high of $384.56. The firm has a market cap of $107.55 billion, a price-to-earnings ratio of -95.87 and a beta of 1.32. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.17. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.48 billion. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. Snowflake’s revenue was up 35.1% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share. On average, equities analysts forecast that Snowflake Inc. will post -1.42 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNOW. Piper Sandler reiterated an “overweight” rating and set a $450.00 price objective (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. Stifel Nicolaus raised their price objective on shares of Snowflake from $350.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Scotiabank reissued a “sector outperform” rating and issued a $440.00 target price (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a research report on Thursday, September 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $450.00 target price on shares of Snowflake in a research report on Monday, October 12th. Thirty-six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $413.87.

About Snowflake

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.