Allstate Corp Has $1.60 Million Position in Snowflake Inc. $SNOW

Key Points

• Allstate Corp increased its stake in Snowflake Inc. by 22.6% in Q1, owning 10,919 shares valued at approximately $1.6 million.
• Insider sales were notable, with CFO Michael Scarpelli selling 400,000 shares worth $82 million, and Director Frank Slootman selling 424,852 shares valued at $93 million, significantly reducing their ownership stakes.
• Analysts maintain a generally positive outlook on Snowflake, with a consensus rating of "Moderate Buy" and a target price of around $230.22, bolstered by recent strong earnings results.

Allstate Corp increased its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 22.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,919 shares of the company's stock after purchasing an additional 2,012 shares during the period. Allstate Corp's holdings in Snowflake were worth $1,596,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake during the first quarter valued at approximately $26,000. CVA Family Office LLC grew its position in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in Snowflake in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC bought a new stake in Snowflake in the fourth quarter valued at $31,000. Finally, Capital A Wealth Management LLC bought a new stake in Snowflake in the fourth quarter valued at $31,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Trading Down 0.0%

NYSE:SNOW traded down $0.05 during mid-day trading on Tuesday, hitting $194.63. The company had a trading volume of 4,614,677 shares, compared to its average volume of 4,236,306. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27. The business's fifty day moving average is $210.53 and its two-hundred day moving average is $185.04. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The firm has a market cap of $64.98 billion, a P/E ratio of -46.23 and a beta of 1.22.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 256,046 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at approximately $37,594,915.05. This trade represents a 60.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the transaction, the executive vice president owned 537,336 shares of the company's stock, valued at approximately $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,516,826 shares of company stock valued at $555,691,052 over the last ninety days. 6.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of analyst reports. Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Piper Sandler reiterated an "overweight" rating and issued a $215.00 price target (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Needham & Company LLC reiterated a "buy" rating and issued a $230.00 price target on shares of Snowflake in a research report on Thursday, June 5th. UBS Group decreased their target price on Snowflake from $265.00 to $250.00 and set a "buy" rating on the stock in a report on Wednesday, August 13th. Finally, Barclays reaffirmed an "overweight" rating and set a $219.00 price target (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $230.22.

Snowflake Company Profile

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.