Northern Trust Corp Decreases Stake in Snowflake Inc. $SNOW

Key Points

• Northern Trust Corp reduced its stake in Snowflake Inc. by 6.9% in Q1, now owning 1,994,266 shares valued at approximately $291 million.
• Currently, 65.10% of Snowflake's stock is held by institutional investors, with several firms increasing their positions in the company.
• Analysts have set new price targets for Snowflake, with DA Davidson and JMP Securities among those issuing optimistic ratings, and an average price target of $226.86 for the stock.

Northern Trust Corp cut its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 6.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,994,266 shares of the company's stock after selling 147,202 shares during the period. Northern Trust Corp owned 0.60% of Snowflake worth $291,482,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNOW. Opal Wealth Advisors LLC bought a new position in shares of Snowflake during the 1st quarter worth approximately $26,000. CVA Family Office LLC boosted its holdings in shares of Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after buying an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new position in shares of Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new position in shares of Snowflake during the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Snowflake during the 4th quarter worth approximately $31,000. 65.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 1,146 shares of Snowflake stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director owned 4,474 shares of the company's stock, valued at approximately $974,168.76. This trade represents a 20.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake 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 completion of the sale, the executive vice president directly owned 537,336 shares of the company's stock, valued at approximately $116,064,576. This trade represents a 1.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,916,826 shares of company stock valued at $637,835,052. 6.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of recent research reports. Citigroup increased their target price on Snowflake from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Friday. Wells Fargo & Company reiterated an "overweight" rating and issued a $250.00 target price (up from $225.00) on shares of Snowflake in a report on Friday, June 13th. Bank of America upgraded Snowflake from a "neutral" rating to a "buy" rating and increased their target price for the stock from $220.00 to $240.00 in a report on Wednesday. Stifel Nicolaus increased their target price on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $205.00 target price on shares of Snowflake in a report on Monday, May 19th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $230.22.

Snowflake Stock Performance

Shares of Snowflake stock traded up $2.1110 during trading hours on Friday, hitting $196.7910. 3,096,066 shares of the company's stock traded hands, compared to its average volume of 4,227,432. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The stock has a market capitalization of $65.70 billion, a price-to-earnings ratio of -46.74 and a beta of 1.22. The company has a fifty day simple moving average of $211.11 and a 200-day simple moving average of $184.91. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

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