Snowflake Inc. $SNOW Shares Bought by Allstate Corp

Key Points

• Allstate Corp boosted its Snowflake stake by 108.1% in the fourth quarter, ending with 24,497 shares valued at about $5.37 million.
• Institutional ownership remains heavy, with several major funds increasing or initiating positions; overall, 65.10% of Snowflake shares are held by institutions and hedge funds.
• Insiders have been selling stock, including director Frank Slootman, who sold 144,650 shares in May; meanwhile, analysts remain broadly positive with a Moderate Buy consensus and a $241.51 average price target.

Allstate Corp increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 108.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,497 shares of the company's stock after purchasing an additional 12,724 shares during the period. Allstate Corp's holdings in Snowflake were worth $5,374,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Jennison Associates LLC grew its stake in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares during the period. Coatue Management LLC purchased a new stake in Snowflake during the 3rd quarter worth $441,277,000. American Century Companies Inc. boosted its position in Snowflake by 233.3% during the 3rd quarter. American Century Companies Inc. now owns 2,104,925 shares of the company's stock worth $474,766,000 after purchasing an additional 1,473,354 shares during the period. Vanguard Group Inc. lifted its holdings in Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after buying an additional 1,448,094 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Snowflake by 445.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company's stock worth $326,971,000 after buying an additional 1,217,350 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $141.59, for a total transaction of $57,060.77. Following the transaction, the director owned 22,509 shares in the company, valued at approximately $3,187,049.31. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 144,650 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $175.45, for a total transaction of $25,378,842.50. Following the transaction, the director owned 38,046 shares in the company, valued at $6,675,170.70. This represents a 79.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 428,963 shares of company stock worth $71,996,216. Insiders own 6.80% of the company's stock.

Trending Headlines about Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Snowflake is expected to benefit from strong AI-driven customer growth, and TD Cowen reiterated a Buy rating with a $255 price target ahead of results, signaling confidence in the company’s quarterly performance. Should You Buy, Sell, or Hold SNOW Stock Before Q1 Earnings Release?
• Positive Sentiment: Broader AI-stock enthusiasm is helping sentiment, with investors focused on rising compute demand and monetization opportunities across the sector. AI Stocks: SpaceX, OpenAI IPO Buzz Fuel Next Leg Of Rally. Salesforce, Snowflake Earnings Due.
• Neutral Sentiment: Snowflake is also in focus as part of a busy earnings week for cloud and AI names, which may keep trading volumes elevated while investors wait for the company’s report. Salesforce, HP earnings to give insight into AI demand, PC market
• Negative Sentiment: A class action lawsuit was filed against Snowflake, adding legal overhang and potential investor concern ahead of the earnings release. Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Snowflake, Inc. (SNOW)
• Negative Sentiment: Cantor Fitzgerald lowered its price target on Snowflake to $225 from $250, which may temper enthusiasm even though it kept an Overweight rating. Read More

Snowflake Stock Up 2.8%

Shares of NYSE:SNOW opened at $177.04 on Wednesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market cap of $61.20 billion, a PE ratio of -44.82 and a beta of 1.08. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $280.67. The firm has a 50 day simple moving average of $153.74 and a 200 day simple moving average of $191.29.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Snowflake had a negative net margin of 28.43% and a negative return on equity of 50.61%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. The firm's quarterly revenue was up 30.1% on a year-over-year basis. As a group, research analysts expect that Snowflake Inc. will post -2.16 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler cut their price objective on shares of Snowflake from $285.00 to $230.00 and set an "overweight" rating on the stock in a report on Thursday, February 26th. Oppenheimer reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, February 26th. Wells Fargo & Company decreased their target price on shares of Snowflake from $290.00 to $210.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. Barclays decreased their target price on shares of Snowflake from $204.00 to $192.00 and set an "equal weight" rating for the company in a research report on Thursday, February 26th. Finally, Canaccord Genuity Group cut their target price on Snowflake from $270.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $241.51.

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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