Allspring Global Investments Holdings LLC Purchases Shares of 1,256 Snowflake Inc. $SNOW

Allspring Global Investments Holdings LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,256 shares of the company's stock, valued at approximately $271,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake during the second quarter worth approximately $25,000. Golden State Wealth Management LLC increased its position in shares of Snowflake by 748.0% during the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares in the last quarter. Tradewinds Capital Management LLC grew its holdings in Snowflake by 53.1% in the 1st quarter. Tradewinds Capital Management LLC now owns 245 shares of the company's stock valued at $36,000 after buying an additional 85 shares in the last quarter. MRP Capital Investments LLC purchased a new stake in Snowflake in the 1st quarter valued at $44,000. Finally, Geneos Wealth Management Inc. grew its holdings in Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after buying an additional 73 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Up 1.9%

NYSE:SNOW opened at $257.84 on Friday. The stock's 50 day moving average price is $227.78 and its 200 day moving average price is $205.98. The company has a market capitalization of $87.36 billion, a PE ratio of -62.13 and a beta of 1.21. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $259.75.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm's revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the firm earned $0.18 EPS. On average, research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Morgan Stanley upped their target price on Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Wells Fargo & Company initiated coverage on Snowflake in a research note on Tuesday, September 30th. They issued an "overweight" rating and a $275.00 price target on the stock. Evercore ISI upped their price target on Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Royal Bank Of Canada upped their price target on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Finally, Scotiabank upped their price target on Snowflake from $230.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Two 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, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $257.24.

Insider Activity

In other news, CAO Emily Ho sold 1,658 shares of the company's stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the transaction, the chief accounting officer directly owned 31,745 shares of the company's stock, valued at approximately $7,150,561.25. This represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $2,634,219.22. Following the transaction, the senior vice president directly owned 241,854 shares of the company's stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock valued at $270,280,661 in the last 90 days. 6.80% of the stock is owned by corporate insiders.

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.

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