Snowflake Inc. $SNOW Holdings Lifted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its position in Snowflake Inc. (NYSE:SNOW) by 8.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 724,090 shares of the company’s stock after buying an additional 57,260 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Snowflake were worth $162,030,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Trust Co. of Toledo NA OH bought a new position in Snowflake in the 2nd quarter worth about $25,000. Avion Wealth grew its position in Snowflake by 76.6% in the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the last quarter. Whittier Trust Co. grew its position in Snowflake by 149.1% in the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company’s stock worth $31,000 after purchasing an additional 82 shares during the last quarter. LGT Financial Advisors LLC bought a new position in Snowflake in the 2nd quarter worth about $36,000. Finally, Golden State Wealth Management LLC grew its position in Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after purchasing an additional 187 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Emily Ho sold 1,658 shares of the company’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total value of $373,464.50. Following the completion of the sale, the chief accounting officer owned 31,745 shares in the company, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 2,976 shares of the stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $236.01, for a total transaction of $702,365.76. Following the completion of the sale, the director owned 34,436 shares of the company’s stock, valued at approximately $8,127,240.36. The trade was a 7.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock worth $270,280,661 in the last quarter. Corporate insiders own 6.80% of the company’s stock.

Snowflake Stock Up 1.9%

Shares of NYSE:SNOW opened at $257.84 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $87.36 billion, a PE ratio of -62.13 and a beta of 1.21. Snowflake Inc. has a 52 week low of $113.23 and a 52 week high of $259.75. The firm has a 50 day simple moving average of $227.78 and a 200 day simple moving average of $205.48.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 EPS. As a group, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SNOW shares. Weiss Ratings restated a “sell (d-)” rating on shares of Snowflake in a research report on Friday. Wells Fargo & Company began coverage on shares of Snowflake in a report on Tuesday, September 30th. They issued an “overweight” rating and a $275.00 price objective for the company. Mizuho increased their price objective on shares of Snowflake from $235.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Citigroup reiterated an “outperform” rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Scotiabank increased their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.24.

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.