Bank of New York Mellon Corp Sells 70,289 Shares of Snowflake Inc. (NYSE:SNOW)

Bank of New York Mellon Corp trimmed its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 5.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,269,024 shares of the company's stock after selling 70,289 shares during the period. Bank of New York Mellon Corp owned approximately 0.38% of Snowflake worth $185,481,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Quarry LP grew its holdings in shares of Snowflake by 9.8% during the 4th quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after purchasing an additional 59 shares during the last quarter. Gabelli Funds LLC raised its stake in Snowflake by 3.3% in the fourth quarter. Gabelli Funds LLC now owns 2,050 shares of the company's stock valued at $317,000 after purchasing an additional 65 shares in the last quarter. Archford Capital Strategies LLC grew its holdings in Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after acquiring an additional 68 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Snowflake by 0.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,191 shares of the company's stock worth $2,077,000 after buying an additional 69 shares during the period. Finally, Larson Financial Group LLC grew its position in Snowflake by 21.8% during the 4th quarter. Larson Financial Group LLC now owns 413 shares of the company's stock valued at $64,000 after purchasing an additional 74 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

SNOW traded down $1.87 during trading on Wednesday, hitting $221.63. The stock had a trading volume of 316,468 shares, compared to its average volume of 6,022,028. The company has a 50 day simple moving average of $200.46 and a 200-day simple moving average of $176.01. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $226.60. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market cap of $73.99 billion, a PE ratio of -52.66 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm posted $0.14 earnings per share. The company's revenue was up 25.8% on a year-over-year basis. Analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Robert W. Baird upped their target price on Snowflake from $200.00 to $215.00 and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Truist Financial increased their price target on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Oppenheimer reiterated an "outperform" rating on shares of Snowflake in a research note on Tuesday, June 24th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus target price of $225.36.

Insider Activity

In other news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total value of $2,188,900.00. Following the completion of the sale, the executive vice president owned 547,336 shares in the company, valued at $119,806,377.04. The trade was a 1.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Teresa Briggs sold 1,146 shares of Snowflake stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total transaction of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. The trade was a 20.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,294,062 shares of company stock worth $495,050,427. 6.80% of the stock is owned by insiders.

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.