Sumitomo Mitsui Financial Group Inc. Purchases New Position in Snowflake Inc. $SNOW

Sumitomo Mitsui Financial Group Inc. acquired a new position in Snowflake Inc. (NYSE:SNOW) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,708 shares of the company’s stock, valued at approximately $380,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNOW. Trust Co. of Toledo NA OH bought a new stake in Snowflake in the second quarter worth $25,000. Avion Wealth lifted its position in Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares during the last quarter. Rossby Financial LCC grew its stake in shares of Snowflake by 4,233.3% in the 2nd quarter. Rossby Financial LCC now owns 130 shares of the company’s stock worth $29,000 after buying an additional 127 shares in the last quarter. Whittier Trust Co. grew its stake in shares of Snowflake by 149.1% in the 2nd quarter. Whittier Trust Co. now owns 137 shares of the company’s stock worth $31,000 after buying an additional 82 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its holdings 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 worth $34,000 after buying an additional 121 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Trading Down 0.5%

Shares of NYSE:SNOW opened at $249.01 on Thursday. The business’s 50-day moving average is $248.01 and its 200 day moving average is $223.27. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67. The firm has a market capitalization of $84.37 billion, a P/E ratio of -60.00 and a beta of 1.23.

Snowflake (NYSE:SNOW) last issued its quarterly 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 business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $257.29, for a total transaction of $103,687.87. Following the transaction, the director owned 24,927 shares in the company, valued at approximately $6,413,467.83. This represents a 1.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $277.73, for a total transaction of $2,777,300.00. Following the sale, the executive vice president directly owned 522,450 shares in the company, valued at $145,100,038.50. This trade represents a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 221,305 shares of company stock valued at $52,925,799. Insiders own 6.80% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the topic of several recent analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $250.00 price target on shares of Snowflake in a research note on Monday, August 25th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research note on Wednesday. Morgan Stanley boosted their price target on Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. KeyCorp raised their price objective on Snowflake from $250.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Finally, Mizuho upped their target price on Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $268.22.

Snowflake 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.