Westpac Banking Corp Sells 9,147 Shares of Snowflake Inc. $SNOW

Westpac Banking Corp cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 60.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,903 shares of the company’s stock after selling 9,147 shares during the quarter. Westpac Banking Corp’s holdings in Snowflake were worth $890,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SNOW. Kemnay Advisory Services Inc. acquired a new stake in shares of Snowflake in the fourth quarter valued at about $28,000. Greenline Wealth Management LLC acquired a new stake in Snowflake during the 4th quarter valued at approximately $29,000. Physician Wealth Advisors Inc. increased its position in Snowflake by 56.0% during the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after purchasing an additional 51 shares during the period. Emerald Advisers LLC raised its holdings in Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after purchasing an additional 100 shares during the last quarter. Finally, MV Capital Management Inc. bought a new position in Snowflake during the 4th quarter worth approximately $32,000. Institutional investors own 65.10% of the company’s stock.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 343 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $255.11, for a total value of $87,502.73. Following the completion of the sale, the director directly owned 5,060 shares of the company’s stock, valued at $1,290,856.60. The trade was a 6.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 99,900 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $251.73, for a total value of $25,147,827.00. Following the completion of the transaction, the director owned 28,535 shares in the company, valued at approximately $7,183,115.55. The trade was a 77.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,802,015 shares of company stock worth $421,739,629 over the last three months. Insiders own 4.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SNOW shares. TD Cowen reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Snowflake in a research note on Wednesday, June 3rd. Weiss Ratings lowered shares of Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Truist Financial increased their price target on Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 5th. DA Davidson boosted their price objective on Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Monness Crespi & Hardt upped their target price on Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $296.27.

Snowflake Stock Down 1.3%

Shares of NYSE SNOW opened at $268.32 on Thursday. The firm has a market cap of $93.00 billion, a PE ratio of -76.23 and a beta of 1.35. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99. The company’s fifty day simple moving average is $234.60 and its 200 day simple moving average is $194.52. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business’s revenue was up 33.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.