Washington Trust Advisors Inc. Has $6.71 Million Holdings in Snowflake Inc. (NYSE:SNOW)

Washington Trust Advisors Inc. lifted its position in shares of Snowflake Inc. (NYSE:SNOW) by 7.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,429 shares of the company’s stock after purchasing an additional 4,268 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Snowflake were worth $6,711,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Snowflake by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after purchasing an additional 297,428 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock worth $293,838,000 after purchasing an additional 223,936 shares in the last quarter. Swedbank AB acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $258,957,000. Bank of New York Mellon Corp grew its holdings in shares of Snowflake by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after purchasing an additional 8,743 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Snowflake by 90.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after purchasing an additional 600,469 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Bank of America cut their target price on Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Jefferies Financial Group decreased their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. TD Cowen decreased their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Robert W. Baird decreased 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. Finally, Monness Crespi & Hardt raised Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 price objective for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.56.

Snowflake Price Performance

Snowflake stock opened at $120.88 on Friday. The stock’s fifty day moving average price is $115.02 and its two-hundred day moving average price is $129.83. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The firm has a market cap of $40.52 billion, a PE ratio of -39.50 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the company posted ($0.52) EPS. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. Sell-side analysts expect that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 30,000 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now owns 721,755 shares of the company’s stock, valued at $86,610,600. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Snowflake news, EVP Christian Kleinerman sold 30,000 shares of Snowflake 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 transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the completion of the transaction, the insider now directly owns 53,250 shares in the company, valued at $5,932,582.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,538 shares of company stock valued at $7,061,544 in the last 90 days. 7.80% of the stock is owned by corporate insiders.

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.