Snowflake Inc. $SNOW Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Snowflake holdings by 33.1% in the third quarter, selling 89,135 shares and retaining 180,244 shares valued at about $61.6 million.
• Snowflake reported quarterly EPS of $0.62, above the $0.45 consensus, while revenue rose 35.1% year over year to $1.55 billion, also beating estimates.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $413.87; the article also notes valuation and profitability risks, with investors watching the company’s next earnings report for signs of sustained AI-related growth.

Allspring Global Investments Holdings LLC cut its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 33.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 180,244 shares of the company's stock after selling 89,135 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.05% of Snowflake worth $61,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Reyes Financial Architecture Inc. purchased a new position in shares of Snowflake during the 3rd quarter worth approximately $32,000. Mather Group LLC. increased its holdings in Snowflake by 98.0% in the 3rd quarter. Mather Group LLC. now owns 101 shares of the company's stock valued at $34,000 after purchasing an additional 50 shares during the last quarter. Ninety One UK Ltd purchased a new stake in Snowflake in the third quarter valued at approximately $36,000. Fortitude Family Office LLC raised its position in Snowflake by 146.7% in the third quarter. Fortitude Family Office LLC now owns 111 shares of the company's stock valued at $38,000 after purchasing an additional 66 shares during the period. Finally, GK Wealth Management LLC purchased a new stake in Snowflake in the third quarter valued at approximately $41,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Price Performance

SNOW stock opened at $295.95 on Wednesday. The business's 50-day moving average is $326.53 and its two-hundred day moving average is $242.50. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $104.41 billion, a P/E ratio of -93.07 and a beta of 1.32. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $384.56.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The business's revenue for the quarter was up 35.1% on a year-over-year basis. Analysts anticipate that Snowflake Inc. will post -1.42 earnings per share for the current fiscal year.

Snowflake News Roundup

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Supply-chain software provider project44 is using Snowflake to turn supply-chain data into AI-powered decisions, offering a customer example of the platform’s AI use cases. Article: project44 Turns Supply Chain Data Into AI-Powered Decisions with Snowflake
• Positive Sentiment: A fund with about $4.7 billion under management reported a new Snowflake stake in its latest 13F filing. The disclosure may signal institutional interest, though the position was reported as of June 30. Article: A $4.7 Billion Fund Bought These 3 Stocks
• Neutral Sentiment: Snowflake shares advanced even as the market declined, but the market recap offered no specific explanation for the outperformance. Article: Why the Market Dipped But Snowflake Gained
• Negative Sentiment: Director Michael Speiser reported selling Snowflake shares on Nov. 6, including a large sale. The transactions were made under a pre-arranged Rule 10b5-1 plan, which can make the sales less indicative of a fresh view on the company.
• Negative Sentiment: Snowflake remains more than 20% below its September high, and investors will look to its Dec. 2 earnings report for evidence that AI-related growth is holding up. Commentary also flags its lack of consistent profitability and high valuation as risks. Article: Snowflake Is 20% Off Its September High

Wall Street Analyst Weigh In

A number of research analysts have commented on SNOW shares. Raymond James Financial upped their price target on Snowflake from $275.00 to $425.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Piper Sandler reaffirmed an "overweight" rating and issued a $450.00 price objective (up from $320.00) on shares of Snowflake in a research note on Thursday, September 3rd. Royal Bank Of Canada boosted their price objective on Snowflake from $372.00 to $440.00 and gave the company an "outperform" rating in a report on Thursday, September 3rd. Canaccord Genuity Group boosted their price objective on Snowflake from $325.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Finally, Oppenheimer increased their target price on Snowflake from $400.00 to $475.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Thirty-six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $413.87.

Insider Activity

In other Snowflake news, CRO Jonathan Beaulier sold 755 shares of the business's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $336.36, for a total transaction of $253,951.80. Following the completion of the transaction, the executive owned 211,619 shares in the company, valued at $71,180,166.84. The trade was a 0.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 300,000 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $316.43, for a total transaction of $94,929,000.00. Following the completion of the sale, the director directly owned 19,024 shares in the company, valued at approximately $6,019,764.32. This represents a 94.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,186,443 shares of company stock worth $387,734,752 in the last ninety days. 4.80% of the stock is owned by insiders.

Snowflake Company Profile

Snowflake Inc. provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services. Snowflake's platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.

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