Mitsubishi UFJ Trust & Banking Corp Boosts Stake in Snowflake Inc. $SNOW

Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 140,377 shares of the company’s stock after acquiring an additional 6,926 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Snowflake were worth $31,412,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SNOW. Goldman Sachs Group Inc. increased its holdings in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock valued at $524,293,000 after buying an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new stake in shares of Snowflake in the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. increased its stake in Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock valued at $1,047,000 after purchasing an additional 7,150 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Snowflake in the 2nd quarter valued at approximately $6,845,000. Finally, Lyell Wealth Management LP raised its holdings in Snowflake by 5.1% during the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock worth $8,870,000 after purchasing an additional 2,955 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $257.15 on Friday. The company has a market cap of $87.12 billion, a PE ratio of -61.96 and a beta of 1.23. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a 50-day simple moving average of $243.42 and a 200-day simple moving average of $217.75.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was up 31.8% compared to the same quarter last year. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analyst Ratings Changes

SNOW has been the topic of several research reports. Cantor Fitzgerald upped their target price on Snowflake from $242.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Royal Bank Of Canada boosted their price objective on shares of Snowflake from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Robert W. Baird raised their target price on shares of Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Needham & Company LLC lifted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Mizuho increased their price target on shares of Snowflake from $235.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and an average target price of $259.89.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 710,083 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This represents a 4.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 931,388 shares of company stock worth $216,578,628. 6.80% of the stock is owned by company insiders.

Snowflake Company 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.