Snowflake Inc. $SNOW Stock: Pictet Asset Management Holding SA Trims Holdings

Pictet Asset Management Holding SA lowered its stake in shares of Snowflake Inc. (NYSE:SNOW) by 23.4% during the third quarter, Holdings Channel reports. The fund owned 3,121,045 shares of the company’s stock after selling 953,314 shares during the period. Snowflake makes up approximately 1.0% of Pictet Asset Management Holding SA’s holdings, making the stock its 10th biggest holding. Pictet Asset Management Holding SA’s holdings in Snowflake were worth $1,059,633,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Silicon Valley Capital Partners raised its stake in shares of Snowflake by 15.2% during the second quarter. Silicon Valley Capital Partners now owns 62,087 shares of the company’s stock worth $15,801,000 after buying an additional 8,208 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Snowflake in the second quarter valued at approximately $1,399,000. Diversify Wealth Management LLC boosted its stake in Snowflake by 395.3% in the first quarter. Diversify Wealth Management LLC now owns 123,007 shares of the company’s stock valued at $17,371,000 after acquiring an additional 98,172 shares during the last quarter. Swiss National Bank boosted its stake in Snowflake by 7.1% in the first quarter. Swiss National Bank now owns 944,600 shares of the company’s stock valued at $142,465,000 after acquiring an additional 62,600 shares during the last quarter. Finally, National Pension Service grew its holdings in Snowflake by 3.3% during the 2nd quarter. National Pension Service now owns 690,349 shares of the company’s stock worth $175,694,000 after acquiring an additional 21,915 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Truist Financial set a $425.00 target price on shares of Snowflake and gave the company a “buy” rating in a research report on Thursday, September 3rd. UBS Group lifted their price objective on Snowflake from $425.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $450.00 price objective on shares of Snowflake in a research note on Monday, October 12th. Stifel Nicolaus upped their price objective on Snowflake from $350.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Finally, Robert W. Baird set a $450.00 target price on Snowflake in a research note on Thursday, September 3rd. Thirty-six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $413.87.

More Snowflake News

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Snowflake unveiled tools aimed at moving enterprise AI agents from pilot projects into production, including features for business context, governance and automating data-engineering work. These offerings could encourage adoption and increase customer usage. Snowflake unveils innovations for the agentic enterprise
• Positive Sentiment: Recent commentary points to AI adoption, customer growth and raised revenue guidance as drivers of Snowflake’s strong year-to-date performance. Another bullish analysis argues that accelerating revenue growth may be underappreciated, though its optimistic price outlook depends on the valuation multiple investors assign the company. Zacks on Snowflake’s growth and valuation · Wall Street may be underestimating Snowflake’s growth potential
• Neutral Sentiment: Former Snowflake revenue chief Mike Gannon is joining AI infrastructure startup Spectro Cloud. The report concerns a former executive and does not describe a change to Snowflake’s operations or outlook. Former Snowflake revenue chief joins Spectro Cloud
• Negative Sentiment: Valuation remains a risk: coverage notes that Snowflake trades at a premium, leaving the stock sensitive to whether its AI-fueled growth can justify expectations. Executive Vice President Christian Kleinerman also sold 10,000 shares for about $3.06 million; the sale was under a pre-arranged trading plan, and he retained more than 303,000 shares. Snowflake executive stock sale

Insider Buying and Selling

In other news, Director Mark Garrett sold 50,000 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $350.00, for a total value of $17,500,000.00. Following the completion of the sale, the director owned 10,074 shares of the company’s stock, valued at approximately $3,525,900. This represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 300,000 shares of the firm’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $316.43, for a total transaction of $94,929,000.00. Following the completion of the transaction, the director directly owned 19,024 shares of the company’s stock, valued at $6,019,764.32. This represents a 94.04% 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 1,135,702 shares of company stock worth $373,733,800 over the last 90 days. Company insiders own 4.80% of the company’s stock.

Snowflake Price Performance

Shares of SNOW opened at $276.32 on Friday. The company has a 50 day moving average of $327.95 and a 200-day moving average of $241.66. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $384.56. The stock has a market capitalization of $97.48 billion, a P/E ratio of -86.89 and a beta of 1.32.

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

About Snowflake

Snowflake Inc provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services.

Snowflake’s platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.

Founded in 2012, Snowflake went public in 2020.