Westpac Banking Corp Grows Holdings in Snowflake Inc. $SNOW

Westpac Banking Corp boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,390 shares of the company’s stock after acquiring an additional 671 shares during the period. Westpac Banking Corp’s holdings in Snowflake were worth $2,773,000 at the end of the most recent reporting period.

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

Snowflake Trading Up 0.2%

Snowflake stock opened at $257.40 on Friday. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67. The firm’s 50 day moving average price is $244.05 and its 200-day moving average price is $218.84. 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 stock has a market cap of $87.21 billion, a P/E ratio of -62.02 and a beta of 1.23.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent research reports. Scotiabank boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. UBS Group raised their target price on Snowflake from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Bank of America raised Snowflake from a “neutral” rating to a “buy” rating and boosted their price target for the company from $220.00 to $240.00 in a report on Wednesday, August 20th. The Goldman Sachs Group raised their target price on shares of Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Finally, Truist Financial upped their price target on shares of Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $259.89.

Insider Activity at Snowflake

In other news, SVP Vivek Raghunathan sold 11,801 shares of Snowflake stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the sale, the senior vice president directly owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. The trade was a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 931,388 shares of company stock worth $216,578,628 over the last 90 days. Company insiders own 6.80% of the company’s stock.

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.