Blue Trust Inc. Buys 883 Shares of Snowflake Inc. (NYSE:SNOW)

Blue Trust Inc. grew its stake in Snowflake Inc. (NYSE:SNOW) by 168.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,407 shares of the company’s stock after acquiring an additional 883 shares during the quarter. Blue Trust Inc.’s holdings in Snowflake were worth $162,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Comerica Bank boosted its holdings in Snowflake by 17.2% in the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock worth $4,729,000 after acquiring an additional 4,296 shares in the last quarter. Choreo LLC lifted its holdings in shares of Snowflake by 18.6% during the first quarter. Choreo LLC now owns 8,267 shares of the company’s stock valued at $1,336,000 after purchasing an additional 1,294 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Snowflake by 23.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Snowflake during the first quarter valued at $29,000. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Up 1.0 %

Shares of Snowflake stock opened at $116.04 on Friday. The stock has a 50 day moving average of $115.59 and a 200 day moving average of $131.83. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72. The firm has a market cap of $38.85 billion, a PE ratio of -41.44 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the company earned ($0.52) earnings per share. The firm’s revenue was up 28.9% on a year-over-year basis. As a group, equities research analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the sale, the executive vice president now directly owns 718,773 shares of the company’s stock, valued at $86,252,760. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the completion of the sale, the director now directly owns 208,735 shares of the company’s stock, valued at $23,877,196.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $120.00, for a total value of $1,800,000.00. Following the completion of the sale, the executive vice president now owns 718,773 shares in the company, valued at approximately $86,252,760. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,538 shares of company stock valued at $7,049,994. Insiders own 7.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Bank of America lowered their price target on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. DA Davidson reaffirmed a “buy” rating and set a $175.00 price target on shares of Snowflake in a report on Thursday, October 3rd. HSBC raised Snowflake from a “reduce” rating to a “hold” rating and upped their price target for the company from $119.00 to $121.00 in a report on Friday, August 23rd. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price objective on shares of Snowflake in a research report on Wednesday, October 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price objective on shares of Snowflake in a research report on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.74.

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.