Snowflake Inc. $SNOW Position Lowered by Northern Trust Corp

Northern Trust Corp reduced its position in Snowflake Inc. (NYSE:SNOW) by 6.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,994,266 shares of the company’s stock after selling 147,202 shares during the quarter. Northern Trust Corp’s holdings in Snowflake were worth $291,482,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new position in shares of Snowflake in the 1st quarter worth approximately $26,000. CVA Family Office LLC raised its position in shares of Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. West Paces Advisors Inc. acquired a new stake in shares of Snowflake during the 4th quarter valued at approximately $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake during the fourth quarter worth $31,000. Finally, Capital A Wealth Management LLC bought a new position in Snowflake during the fourth quarter worth $31,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on SNOW shares. Stephens assumed coverage on shares of Snowflake in a research note on Friday, July 18th. They set an “overweight” rating and a $261.00 target price for the company. KeyCorp reaffirmed an “overweight” rating on shares of Snowflake in a report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their price objective on shares of Snowflake from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Thursday, May 22nd. Wells Fargo & Company reissued an “overweight” rating and issued a $250.00 target price (up previously from $225.00) on shares of Snowflake in a report on Friday, June 13th. Finally, Loop Capital lifted their target price on Snowflake from $220.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $226.86.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director directly owned 165,507 shares in the company, valued at $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer owned 292,610 shares of the company’s stock, valued at $60,090,389.60. This represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,009,642 shares of company stock valued at $656,325,186 in the last quarter. 6.80% of the stock is currently owned by insiders.

Snowflake Price Performance

NYSE SNOW opened at $194.6370 on Thursday. The company has a 50-day moving average price of $211.66 and a two-hundred day moving average price of $184.80. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $229.27. The stock has a market cap of $64.98 billion, a price-to-earnings ratio of -46.23 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm posted $0.14 earnings per share. The business’s revenue was up 25.8% on a year-over-year basis. Analysts forecast that Snowflake Inc. will post -2.36 EPS for the current 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.