Washington Trust Advisors Inc. Sells 1,998 Shares of Snowflake Inc. $SNOW

Washington Trust Advisors Inc. lessened its position in Snowflake Inc. (NYSE:SNOW) by 3.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,520 shares of the company’s stock after selling 1,998 shares during the period. Snowflake makes up 1.3% of Washington Trust Advisors Inc.’s holdings, making the stock its 20th largest position. Washington Trust Advisors Inc.’s holdings in Snowflake were worth $18,173,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNOW. Yousif Capital Management LLC lifted its position in shares of Snowflake by 4.4% during the 3rd quarter. Yousif Capital Management LLC now owns 4,541 shares of the company’s stock valued at $1,542,000 after acquiring an additional 192 shares during the last quarter. BIP Wealth LLC acquired a new stake in Snowflake during the 3rd quarter worth about $255,000. MBL Wealth LLC boosted its holdings in shares of Snowflake by 73.9% during the third quarter. MBL Wealth LLC now owns 1,586 shares of the company’s stock worth $539,000 after purchasing an additional 674 shares during the period. Brookstone Capital Management grew its holdings in shares of Snowflake by 151.2% during the 3rd quarter. Brookstone Capital Management now owns 3,527 shares of the company’s stock valued at $1,198,000 after acquiring an additional 2,123 shares in the last quarter. Finally, E. Ohman J or Asset Management AB grew its stake in Snowflake by 11.6% in the third quarter. E. Ohman J or Asset Management AB now owns 9,598 shares of the company’s stock valued at $3,259,000 after purchasing an additional 1,000 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Trading Up 3.6%

SNOW stock traded up $11.30 during midday trading on Friday, reaching $325.26. The stock had a trading volume of 3,133,474 shares, compared to its average volume of 4,519,039. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $384.56. The business has a fifty day simple moving average of $331.76 and a two-hundred day simple moving average of $260.74. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. The firm has a market cap of $114.75 billion, a price-to-earnings ratio of -102.28 and a beta of 1.35.

Snowflake (NYSE:SNOW) last announced 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 net margin of 20.07% and a negative return on equity of 46.32%. Snowflake’s revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share. As a group, research analysts expect that Snowflake Inc. will post -1.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Citizens Jmp increased their price target on shares of Snowflake from $408.00 to $488.00 and gave the stock a “market outperform” rating in a research note on Thursday, September 3rd. Benchmark upped their price target on Snowflake from $290.00 to $360.00 and gave the stock a “buy” rating in a report on Tuesday, August 25th. Evercore restated an “outperform” rating and set a $430.00 price target on shares of Snowflake in a research note on Thursday, September 3rd. Canaccord Genuity Group boosted their price target on shares of Snowflake from $325.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft set a $400.00 target price on Snowflake in a report on Thursday, September 3rd. Thirty-six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $413.87.

Insiders Place Their Bets

In related news, CRO Jonathan Beaulier sold 755 shares of Snowflake stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $336.36, for a total transaction of $253,951.80. Following the transaction, the executive owned 211,619 shares of the company’s stock, valued at $71,180,166.84. This trade represents a 0.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $341.57, for a total transaction of $5,123,550.00. Following the transaction, the executive vice president directly owned 313,738 shares in the company, valued at approximately $107,163,488.66. This represents a 4.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,246,429 shares of company stock worth $408,832,628 over the last ninety days. Company insiders own 4.80% of the company’s stock.

More Snowflake News

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Cloud software shares are rebounding, providing a favorable sector backdrop for Snowflake. Investors are focusing on demand for cloud infrastructure, data analytics and application security. Cloud Stocks Rebound
• Positive Sentiment: New partnerships with Adstra, Lumen Technologies and ATTOM are expanding use of Snowflake’s AI Data Cloud across marketing, networking, property data and secure AI workloads. Greater integration could increase customer usage and consumption-based revenue over time. Snowflake AI Partnerships
• Positive Sentiment: Recent commentary from analysts and investment managers highlights Snowflake’s AI momentum, accelerating product adoption and potential to benefit from a multiyear enterprise AI spending cycle. Some analysts view SNOW as a more attractive enterprise AI opportunity than Broadcom or Salesforce. Snowflake Versus Broadcom
• Neutral Sentiment: Comparisons with Salesforce frame Snowflake as the faster-growing, specialized data-cloud company, while Salesforce offers greater profitability and scale. The debate may attract investors but does not create an immediate change to Snowflake’s outlook. Salesforce Versus Snowflake
• Negative Sentiment: Coverage questioning whether Snowflake is fully valued points to recent share-price momentum and the risk that substantial AI expectations are already reflected in the stock. Investors may require evidence that partnerships translate into sustained revenue and earnings growth. Is Snowflake Fully Valued?
• Negative Sentiment: Director Frank Slootman sold 300,000 shares worth approximately $94.9 million, reducing his stake by 94%. The transaction was made under a pre-arranged Rule 10b5-1 plan, limiting its signaling value, but the size of the sale may weigh on sentiment. Slootman Insider Sale

Snowflake Company Profile

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.