Snowflake Inc. (NYSE:SNOW) Stock Position Decreased by Westpac Banking Corp

Westpac Banking Corp trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 36.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,230 shares of the company’s stock after selling 2,436 shares during the quarter. Westpac Banking Corp’s holdings in Snowflake were worth $653,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SNOW. Creekmur Asset Management LLC lifted its position in shares of Snowflake by 400.2% in the 4th quarter. Creekmur Asset Management LLC now owns 2,696 shares of the company’s stock valued at $416,000 after acquiring an additional 2,157 shares in the last quarter. Ardmore Road Asset Management LP acquired a new stake in Snowflake during the 4th quarter valued at $18,529,000. Huntington National Bank raised its stake in Snowflake by 40.9% during the 4th quarter. Huntington National Bank now owns 978 shares of the company’s stock valued at $151,000 after purchasing an additional 284 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Snowflake by 0.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 98,459 shares of the company’s stock valued at $15,203,000 after purchasing an additional 492 shares in the last quarter. Finally, Meeder Advisory Services Inc. boosted its position in shares of Snowflake by 3.0% in the fourth quarter. Meeder Advisory Services Inc. now owns 4,862 shares of the company’s stock worth $751,000 after buying an additional 142 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Michael Scarpelli sold 300,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. The trade was a 50.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $176.25, for a total value of $22,427,283.75. Following the sale, the director now directly owns 195,281 shares in the company, valued at $34,418,276.25. The trade was a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,186 shares of company stock worth $82,353,709. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $130.41 on Friday. The firm has a market capitalization of $43.05 billion, a price-to-earnings ratio of -38.47 and a beta of 1.13. Snowflake Inc. has a one year low of $107.13 and a one year high of $194.40. The business has a fifty day simple moving average of $168.97 and a 200 day simple moving average of $152.12. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Citigroup increased their price objective on Snowflake from $230.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday. Mizuho raised their price target on shares of Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Cantor Fitzgerald boosted their price objective on shares of Snowflake from $201.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. BTIG Research upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $220.00 target price for the company in a research report on Thursday, February 20th. Finally, Needham & Company LLC boosted their price target on shares of Snowflake from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Ten equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.05.

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.