Meiji Yasuda Asset Management Co Ltd. Raises Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,865 shares of the company’s stock after purchasing an additional 180 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Snowflake were worth $792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SNOW. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the 4th quarter worth $25,000. LRI Investments LLC purchased a new stake in Snowflake in the first quarter valued at about $29,000. FinTrust Capital Advisors LLC boosted its holdings in Snowflake by 193.9% in the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after acquiring an additional 128 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Snowflake during the first quarter worth about $31,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Snowflake during the first quarter valued at about $32,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 6,251 shares of the stock in a transaction dated Tuesday, September 17th. The shares were 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 owns 208,735 shares in the company, valued at approximately $23,877,196.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the transaction, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 6,251 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction 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 approximately $23,877,196.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 517,203 shares of company stock worth $63,833,373. 7.80% of the stock is owned by insiders.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $110.26 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a market capitalization of $36.96 billion, a PE ratio of -39.38 and a beta of 0.83. The business’s 50 day moving average price is $120.87 and its 200-day moving average price is $139.56.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The company had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the previous year, the company posted ($0.52) EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. As a group, analysts expect that Snowflake Inc. will post -2.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SNOW shares. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a research report on Friday, August 23rd. Mizuho cut their target price on Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Canaccord Genuity Group lowered their price target on Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. DA Davidson cut their price objective on Snowflake from $230.00 to $175.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, JMP Securities decreased their target price on Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $176.03.

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.