Snowflake Inc. $SNOW Shares Bought by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Snowflake Inc. by 8.6% in Q2, now owning 724,090 shares valued at approximately $162 million.
• Snowflake has received positive ratings from analysts, with a consensus target price of $257.24, highlighting expectations for continued growth.
• Insider trading activity included significant sales by executives, with SVP Vivek Raghunathan selling over 11,800 shares worth approximately $2.63 million.

Sumitomo Mitsui Trust Group Inc. raised its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 8.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 724,090 shares of the company's stock after acquiring an additional 57,260 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Snowflake worth $162,030,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake during the 2nd quarter valued at $25,000. Avion Wealth grew its stake in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company's stock valued at $25,000 after buying an additional 49 shares during the period. Whittier Trust Co. grew its stake in shares of Snowflake by 149.1% during the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company's stock valued at $31,000 after buying an additional 82 shares during the period. LGT Financial Advisors LLC purchased a new stake in shares of Snowflake during the 2nd quarter valued at $36,000. Finally, Golden State Wealth Management LLC grew its stake in shares of Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after buying an additional 187 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup reissued an "outperform" rating on shares of Snowflake in a research note on Thursday, August 28th. Macquarie boosted their price objective on shares of Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and set a $260.00 price target on shares of Snowflake in a research report on Tuesday, August 26th. Jefferies Financial Group upped their price target on shares of Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, BTIG Research upped their price target on shares of Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $257.24.

Insiders Place Their Bets

In related news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the sale, the senior vice president owned 241,854 shares in the company, valued at $53,986,649.88. This represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director owned 153,226 shares in the company, valued at approximately $33,899,720.24. This trade represents a 4.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Company insiders own 6.80% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW opened at $257.84 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a 50-day moving average of $227.78 and a two-hundred day moving average of $205.48. The stock has a market cap of $87.36 billion, a P/E ratio of -62.13 and a beta of 1.21. Snowflake Inc. has a 1-year low of $113.23 and a 1-year 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, beating 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 net margin of 33.53% and a negative return on equity of 42.98%. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 EPS. On average, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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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