Westpac Banking Corp trimmed its stake in shares of Snowflake Inc. (NYSE:SNOW – Free Report) by 60.8% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 5,903 shares of the company’s stock after selling 9,147 shares during the quarter. Westpac Banking Corp’s holdings in Snowflake were worth $890,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in Snowflake in the fourth quarter valued at about $974,091,000. Jennison Associates LLC increased its holdings in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the period. Jericho Capital Asset Management L.P. bought a new position in Snowflake in the 4th quarter valued at about $345,619,000. Vanguard Group Inc. raised its position in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after buying an additional 1,448,094 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Snowflake by 445.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock valued at $326,971,000 after buying an additional 1,217,350 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.
Snowflake Trading Down 1.3%
Shares of Snowflake stock opened at $268.32 on Thursday. The firm’s 50 day moving average is $234.60 and its 200 day moving average is $194.52. The firm has a market capitalization of $93.00 billion, a PE ratio of -76.23 and a beta of 1.35. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18.
Insider Buying and Selling at Snowflake
In other Snowflake news, CAO Emily Ho sold 1,860 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total value of $431,985.00. Following the completion of the transaction, the chief accounting officer owned 41,283 shares of the company’s stock, valued at $9,587,976.75. This represents a 4.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 99,900 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $251.73, for a total value of $25,147,827.00. Following the completion of the transaction, the director owned 28,535 shares of the company’s stock, valued at $7,183,115.55. This represents a 77.78% 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 have sold a total of 1,802,015 shares of company stock worth $421,739,629 over the last three months. 4.80% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on SNOW shares. Benchmark increased their price target on shares of Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. DA Davidson boosted their price objective on shares of Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft upped their target price on Snowflake from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Evercore set a $200.00 target price on Snowflake in a report on Tuesday, April 14th. Finally, TD Cowen reiterated a “buy” rating and issued a $300.00 price target on shares of Snowflake in a research note on Wednesday, June 3rd. Thirty-four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $296.27.
View Our Latest Research Report on SNOW
Snowflake Profile
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.
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