Snowflake Inc. $SNOW Stock Holdings Lowered by Franklin Resources Inc.

Franklin Resources Inc. cut its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 12.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 879,756 shares of the company’s stock after selling 123,790 shares during the period. Franklin Resources Inc. owned approximately 0.26% of Snowflake worth $196,863,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SNOW. Trust Co. of Toledo NA OH acquired a new stake in shares of Snowflake during the 2nd quarter valued at $25,000. Avion Wealth raised its position in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after purchasing an additional 49 shares during the period. Rossby Financial LCC raised its position in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after purchasing an additional 127 shares during the period. Whittier Trust Co. lifted its holdings in shares of Snowflake by 149.1% during the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after purchasing an additional 82 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its position in shares of Snowflake by 417.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock valued at $34,000 after purchasing an additional 121 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Ratings Changes

SNOW has been the topic of several recent analyst reports. JMP Securities boosted their price objective on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a report on Tuesday, October 28th. Sanford C. Bernstein lifted their target price on shares of Snowflake from $191.00 to $221.00 and gave the stock a “market perform” rating in a research report on Thursday, August 28th. Cowen restated a “buy” rating on shares of Snowflake in a research report on Thursday, August 28th. DA Davidson reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a research note on Monday, August 25th. Finally, Robert W. Baird boosted their target price on shares of Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $266.42.

Snowflake Stock Performance

Shares of SNOW opened at $234.37 on Friday. The company has a market capitalization of $79.40 billion, a PE ratio of -56.47 and a beta of 1.23. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company’s 50 day moving average price is $246.37 and its 200 day moving average price is $221.71. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business posted $0.18 EPS. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. Research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $257.29, for a total value of $103,687.87. Following the transaction, the director owned 24,927 shares in the company, valued at $6,413,467.83. The trade was a 1.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $277.73, for a total value of $2,777,300.00. Following the completion of the transaction, the executive vice president directly owned 522,450 shares in the company, valued at approximately $145,100,038.50. The trade was a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 931,388 shares of company stock valued at $216,578,628. 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.