Sumitomo Mitsui Trust Group Inc. Has $76.37 Million Stock Position in Snowflake Inc. (NYSE:SNOW)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 0.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 664,858 shares of the company’s stock after purchasing an additional 3,487 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Snowflake were worth $76,366,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in Snowflake during the first quarter worth approximately $29,000. Wellington Shields Capital Management LLC acquired a new stake in Snowflake in the second quarter valued at approximately $27,000. V Square Quantitative Management LLC acquired a new stake in Snowflake in the third quarter valued at approximately $30,000. Global Financial Private Client LLC acquired a new stake in Snowflake in the first quarter valued at approximately $44,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Snowflake in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

NYSE:SNOW opened at $129.19 on Friday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The firm has a market cap of $43.30 billion, a price-to-earnings ratio of -42.22 and a beta of 0.83. The business’s fifty day moving average is $116.03 and its 200 day moving average is $128.90.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the previous year, the company posted ($0.52) EPS. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. Equities analysts predict that Snowflake Inc. will post -2.41 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at $86,610,600. The trade was a 3.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the transaction, the director now owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The trade was a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,538 shares of company stock worth $7,061,544. 7.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SNOW has been the subject of a number of research reports. Stifel Nicolaus reduced their price objective on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Robert W. Baird reduced their price objective on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. Piper Sandler reissued an “overweight” rating and issued a $165.00 price objective on shares of Snowflake in a research note on Thursday, August 22nd. Monness Crespi & Hardt raised Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 target price on the stock in a research report on Wednesday, November 6th. Finally, Bank of America cut their target price on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $172.09.

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.