Allspring Global Investments Holdings LLC Grows Stake in Snowflake Inc. (NYSE:SNOW)

Allspring Global Investments Holdings LLC increased its stake in Snowflake Inc. (NYSE:SNOW) by 73.3% during the third quarter, Holdings Channel.com reports. The firm owned 792 shares of the company’s stock after purchasing an additional 335 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Snowflake were worth $91,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Comerica Bank increased its holdings in shares of Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after purchasing an additional 4,296 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Snowflake by 23.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock worth $37,484,000 after purchasing an additional 43,062 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Snowflake by 201.5% in the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock worth $10,292,000 after purchasing an additional 42,563 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Snowflake in the first quarter worth about $29,000. Finally, Fulton Bank N.A. increased its holdings in shares of Snowflake by 17.4% in the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after purchasing an additional 228 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares in the company, valued at $6,156,469.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,538 shares of company stock worth $7,049,994 in the last 90 days. Insiders own 7.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Bank of America dropped their price target on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. UBS Group lowered their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a report on Tuesday, September 24th. Argus initiated coverage on Snowflake in a report on Tuesday, October 1st. They issued a “hold” rating for the company. Loop Capital reduced their price objective on shares of Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Finally, Stifel Nicolaus reduced their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $174.74.

Snowflake Stock Down 1.5 %

SNOW opened at $113.74 on Tuesday. The company has a market cap of $38.13 billion, a PE ratio of -37.17 and a beta of 0.83. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The company has a 50-day moving average price of $114.61 and a 200 day moving average price of $130.14.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s revenue was up 28.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.52) EPS. As a group, sell-side analysts expect that Snowflake Inc. will post -2.41 earnings per share 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.