Snowflake Inc. $SNOW Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Snowflake Inc. (NYSE:SNOW) by 15.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 351,194 shares of the company’s stock after buying an additional 46,678 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Snowflake were worth $78,587,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Advantage Inc. raised its holdings in shares of Snowflake by 1.1% in the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock worth $987,000 after purchasing an additional 48 shares during the period. Wedbush Securities Inc. increased its position in Snowflake by 1.3% during the 2nd quarter. Wedbush Securities Inc. now owns 3,717 shares of the company’s stock worth $832,000 after purchasing an additional 48 shares in the last quarter. Avion Wealth increased its position in Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares in the last quarter. Ignite Planners LLC lifted its position in Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock valued at $418,000 after buying an additional 64 shares in the last quarter. Finally, Koshinski Asset Management Inc. grew its stake in Snowflake by 4.2% during the second quarter. Koshinski Asset Management Inc. now owns 1,604 shares of the company’s stock worth $359,000 after buying an additional 64 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wedbush raised their target price on shares of Snowflake from $250.00 to $270.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Truist Financial increased their price target on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Macquarie raised their price objective on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a research report on Thursday, August 28th. Bank of America raised Snowflake from a “neutral” rating to a “buy” rating and upped their target price for the stock from $220.00 to $240.00 in a research report on Wednesday, August 20th. Finally, Needham & Company LLC increased their target price on Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.95.

Snowflake Stock Down 0.8%

Shares of Snowflake stock opened at $262.72 on Monday. Snowflake Inc. has a 1-year low of $119.66 and a 1-year high of $280.67. The company has a market capitalization of $89.01 billion, a PE ratio of -63.31 and a beta of 1.23. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The business has a 50-day moving average of $240.55 and a 200-day moving average of $215.54.

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

Insiders Place Their Bets

In related news, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the sale, the director directly owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the transaction, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 880,647 shares of company stock valued at $203,522,973. Company insiders own 6.80% of the company’s stock.

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.