Blue Trust Inc. Raises Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Blue Trust Inc. lifted its holdings in Snowflake Inc. (NYSE:SNOW) by 168.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,407 shares of the company’s stock after purchasing an additional 883 shares during the period. Blue Trust Inc.’s holdings in Snowflake were worth $162,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SNOW. Swedbank AB purchased a new position in Snowflake during the 1st quarter worth $258,957,000. Vaughan Nelson Investment Management L.P. purchased a new position in Snowflake during the 1st quarter worth $171,608,000. AQR Capital Management LLC increased its holdings in Snowflake by 210.0% during the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the period. SG Americas Securities LLC increased its holdings in Snowflake by 471.9% during the 3rd quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after purchasing an additional 600,469 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the transaction, the executive vice president now owns 718,773 shares in the company, valued at $86,252,760. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benoit Dageville sold 287 shares of Snowflake stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,538 shares of company stock worth $7,049,994 in the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Snowflake Stock Performance

NYSE SNOW opened at $116.04 on Friday. The stock has a 50-day simple moving average of $115.59 and a two-hundred day simple moving average of $131.83. The firm has a market capitalization of $38.85 billion, a P/E ratio of -41.44 and a beta of 0.83. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company’s revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.52) EPS. As a group, analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on SNOW shares. Canaccord Genuity Group reduced their price objective on Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Wedbush upgraded Snowflake to a “hold” rating in a report on Thursday, October 17th. Piper Sandler reiterated an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a report on Thursday, August 22nd. HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and lifted their price target for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Finally, Scotiabank cut their price target on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and a consensus price target of $174.74.

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.