Snowflake Inc. $SNOW Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 1.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 708,324 shares of the company’s stock after selling 8,744 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Snowflake were worth $106,829,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SNOW. Resona Asset Management Co. Ltd. boosted its holdings in Snowflake by 1.0% in the first quarter. Resona Asset Management Co. Ltd. now owns 92,814 shares of the company’s stock valued at $14,038,000 after purchasing an additional 961 shares in the last quarter. Seelaus Asset Management LLC acquired a new stake in Snowflake during the first quarter worth approximately $261,000. Frank Rimerman Advisors LLC raised its holdings in Snowflake by 6.8% during the first quarter. Frank Rimerman Advisors LLC now owns 9,462 shares of the company’s stock worth $1,427,000 after purchasing an additional 599 shares in the last quarter. Hartline Investment Corp lifted its position in shares of Snowflake by 2.8% during the 1st quarter. Hartline Investment Corp now owns 4,903 shares of the company’s stock worth $739,000 after buying an additional 135 shares during the last quarter. Finally, United Asset Strategies Inc. lifted its position in shares of Snowflake by 2.4% during the 1st quarter. United Asset Strategies Inc. now owns 3,628 shares of the company’s stock worth $547,000 after buying an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Activity

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This represents a 91.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the sale, the director directly owned 28,556 shares in the company, valued at $4,043,529.60. This trade represents a 63.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,802,015 shares of company stock worth $421,739,629 in the last 90 days. 4.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of recent analyst reports. Evercore set a $200.00 target price on shares of Snowflake in a research report on Tuesday, April 14th. BTIG Research boosted their price target on shares of Snowflake from $280.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Canaccord Genuity Group upped their price objective on shares of Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Citizens Jmp reaffirmed a “market outperform” rating and set a $325.00 price objective on shares of Snowflake in a report on Tuesday, May 19th. Finally, Wedbush lifted their target price on Snowflake from $270.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $293.53.

Snowflake Stock Performance

NYSE:SNOW traded down $5.92 during mid-day trading on Friday, reaching $261.56. The stock had a trading volume of 4,139,738 shares, compared to its average volume of 6,159,552. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The business has a 50 day simple moving average of $214.78 and a 200 day simple moving average of $191.99. The firm has a market capitalization of $90.66 billion, a price-to-earnings ratio of -74.31 and a beta of 1.35. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. On average, analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.