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

Key Points

• Sumitomo Mitsui Trust Group reduced its Snowflake stake by 10.6% in the third quarter, selling 85,617 shares and retaining 722,370 shares valued at approximately $245.3 million. Institutional investors collectively own 65.1% of the company.
• Snowflake insiders sold 1.21 million shares worth about $396.9 million over the past 90 days, while insiders retain a 4.8% ownership stake.
• Snowflake exceeded quarterly earnings and revenue expectations, reporting $0.62 EPS and $1.55 billion in revenue. Analysts maintain a “Moderate Buy” consensus, with an average price target of $413.87.

Sumitomo Mitsui Trust Group Inc. lessened its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 10.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 722,370 shares of the company's stock after selling 85,617 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Snowflake worth $245,288,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SNOW. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Snowflake in the 3rd quarter worth $33,380,000. Vise Technologies Inc. boosted its position in Snowflake by 19.1% during the third quarter. Vise Technologies Inc. now owns 8,963 shares of the company's stock valued at $3,044,000 after purchasing an additional 1,440 shares in the last quarter. MGO One Seven LLC boosted its position in Snowflake by 231.6% during the third quarter. MGO One Seven LLC now owns 7,165 shares of the company's stock valued at $2,433,000 after purchasing an additional 5,004 shares in the last quarter. Aprio Wealth Management LLC grew its stake in Snowflake by 18.9% in the third quarter. Aprio Wealth Management LLC now owns 1,061 shares of the company's stock valued at $360,000 after purchasing an additional 169 shares during the last quarter. Finally, Left Brain Wealth Management LLC bought a new position in Snowflake in the third quarter worth about $374,000. 65.10% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Michael Speiser sold 403 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $344.00, for a total value of $138,632.00. Following the completion of the sale, the director owned 21,767 shares in the company, valued at $7,487,848. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 768 shares of the company's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $332.93, for a total transaction of $255,690.24. Following the completion of the sale, the chief accounting officer directly owned 39,958 shares in the company, valued at $13,303,216.94. This trade represents a 1.89% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 1,206,443 shares of company stock worth $396,866,828. Corporate insiders own 4.80% of the company's stock.

Snowflake Trading Down 0.4%

Shares of SNOW stock opened at $304.86 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $107.55 billion, a P/E ratio of -95.87 and a beta of 1.32. The company has a 50 day moving average price of $331.88 and a 200 day moving average price of $239.75. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $384.56.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Benchmark boosted their target price on Snowflake from $290.00 to $360.00 and gave the stock a "buy" rating in a research note on Tuesday, August 25th. Argus boosted their target price on shares of Snowflake from $300.00 to $450.00 and gave the stock a "buy" rating in a research report on Friday, September 4th. UBS Group boosted their price target on Snowflake from $425.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Rosenblatt Securities lifted their price objective on shares of Snowflake from $285.00 to $345.00 and gave the company a "buy" rating in a research note on Tuesday, September 1st. Finally, DA Davidson increased their price objective on shares of Snowflake from $300.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Thirty-six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $413.87.

About Snowflake

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.

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