Toronto Dominion Bank Raises Stock Position in Snowflake Inc. (NYSE:SNOW)

Toronto Dominion Bank lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,655 shares of the company's stock after purchasing an additional 3,429 shares during the period. Toronto Dominion Bank's holdings in Snowflake were worth $6,278,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new position in Snowflake during the 4th quarter worth about $29,000. West Paces Advisors Inc. bought a new position in Snowflake during the 4th quarter worth about $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake during the 4th quarter worth about $31,000. Quadrant Capital Group LLC grew its holdings in Snowflake by 74.6% during the 4th quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock worth $33,000 after acquiring an additional 91 shares in the last quarter. Finally, Colonial Trust Co SC bought a new position in Snowflake during the 4th quarter worth about $33,000. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SNOW. Daiwa Capital Markets started coverage on shares of Snowflake in a report on Tuesday, April 1st. They set a "buy" rating and a $210.00 target price on the stock. Wells Fargo & Company restated an "overweight" rating and issued a $225.00 price target (up from $200.00) on shares of Snowflake in a report on Thursday, May 22nd. Barclays restated an "overweight" rating and issued a $219.00 price target (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. HSBC cut shares of Snowflake from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, BTIG Research restated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average target price of $217.33.

Snowflake Stock Performance

Shares of NYSE:SNOW traded up $3.38 during trading on Friday, hitting $205.69. 7,073,445 shares of the stock traded hands, compared to its average volume of 6,434,906. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The company has a market cap of $68.67 billion, a price-to-earnings ratio of -60.68 and a beta of 1.11. The company has a fifty day moving average price of $163.63 and a two-hundred day moving average price of $166.60. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $209.80.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business's quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 EPS. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the completion of the sale, the director now owns 26,375 shares of the company's stock, valued at approximately $3,408,968.75. The trade was a 1.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the sale, the chief financial officer now directly owns 292,610 shares of the company's stock, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,779 shares of company stock valued at $158,838,193 in the last three months. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Profile

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.