Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Sumitomo Mitsui Trust Group trimmed its Snowflake stake by 1.2% in the first quarter, though it still held 708,324 shares valued at about $106.8 million.
• Snowflake shares fell 2.2% to $261.56 in Friday trading, with the stock still sitting well above its 1-year low and near its 1-year high. The company has a market cap of about $90.7 billion.
• Snowflake posted stronger-than-expected quarterly results, reporting $0.39 EPS on $1.39 billion in revenue, while analysts remain generally bullish with an average rating of “Moderate Buy” and a price target of $293.53.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 708,324 shares of the company's stock after selling 8,744 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Snowflake worth $106,829,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. lifted its position in Snowflake by 1.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 92,814 shares of the company's stock worth $14,038,000 after buying an additional 961 shares in the last quarter. Seelaus Asset Management LLC purchased a new stake in Snowflake in the 1st quarter valued at $261,000. Frank Rimerman Advisors LLC increased its stake in shares of Snowflake by 6.8% in the 1st quarter. Frank Rimerman Advisors LLC now owns 9,462 shares of the company's stock worth $1,427,000 after acquiring an additional 599 shares during the last quarter. Hartline Investment Corp increased its stake in shares of Snowflake by 2.8% in the 1st quarter. Hartline Investment Corp now owns 4,903 shares of the company's stock worth $739,000 after acquiring an additional 135 shares during the last quarter. Finally, United Asset Strategies Inc. raised its holdings in shares of Snowflake by 2.4% during the 1st quarter. United Asset Strategies Inc. now owns 3,628 shares of the company's stock worth $547,000 after acquiring an additional 84 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

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Snowflake Trading Down 2.2%

Snowflake stock traded down $5.92 during trading on Friday, hitting $261.56. The company had a trading volume of 4,139,738 shares, compared to its average volume of 6,159,552. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The company's 50 day simple moving average is $214.78 and its 200-day simple moving average is $191.99. The stock has a market cap of $90.66 billion, a price-to-earnings ratio of -74.31 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake's revenue was up 33.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. As a group, analysts expect that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNOW. Loop Capital raised their price objective on shares of Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. UBS Group reissued a "buy" rating on shares of Snowflake in a research note on Monday, June 22nd. Rosenblatt Securities raised their price target on shares of Snowflake from $275.00 to $285.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Needham & Company LLC lifted their price target on shares of Snowflake from $300.00 to $330.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. Finally, Mizuho lifted their price target on shares of Snowflake from $220.00 to $295.00 and gave the company an "outperform" rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $293.53.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 343 shares of Snowflake stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $255.11, for a total value of $87,502.73. Following the completion of the transaction, the director owned 5,060 shares in the company, valued at $1,290,856.60. The trade was a 6.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 840 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $257.91, for a total transaction of $216,644.40. Following the transaction, the director owned 26,876 shares of the company's stock, valued at $6,931,589.16. This trade represents a 3.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,802,015 shares of company stock valued at $421,739,629. 4.80% of the stock is owned by company insiders.

Snowflake Company 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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