Franklin Resources Inc. lifted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 12.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 603,994 shares of the company's stock after purchasing an additional 67,406 shares during the period. Franklin Resources Inc. owned 0.18% of Snowflake worth $93,263,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. Toronto Dominion Bank grew its position in shares of Snowflake by 24.1% in the 3rd quarter. Toronto Dominion Bank now owns 37,226 shares of the company's stock valued at $4,276,000 after acquiring an additional 7,239 shares during the period. Prospect Financial Services LLC acquired a new stake in Snowflake in the 4th quarter valued at about $288,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in Snowflake by 1.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 673,715 shares of the company's stock worth $104,028,000 after purchasing an additional 8,857 shares during the period. Bourgeon Capital Management LLC acquired a new position in Snowflake during the fourth quarter worth approximately $5,851,000. Finally, Stephens Consulting LLC raised its stake in Snowflake by 7,407.4% in the fourth quarter. Stephens Consulting LLC now owns 2,027 shares of the company's stock valued at $313,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.
Wall Street Analyst Weigh In
SNOW has been the subject of several research analyst reports. Macquarie began coverage on Snowflake in a research note on Wednesday. They set a "neutral" rating and a $160.00 target price for the company. Scotiabank upped their price objective on shares of Snowflake from $170.00 to $220.00 and gave the company a "sector outperform" rating in a report on Monday, December 9th. Evercore ISI raised their target price on shares of Snowflake from $190.00 to $200.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Cantor Fitzgerald lifted their target price on shares of Snowflake from $201.00 to $228.00 and gave the stock an "overweight" rating in a report on Thursday, February 27th. Finally, Truist Financial lowered their price target on shares of Snowflake from $225.00 to $210.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Ten research analysts have rated the stock with a hold rating, thirty have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and a consensus price target of $203.05.
Read Our Latest Research Report on SNOW
Snowflake Price Performance
Shares of NYSE SNOW traded down $9.49 during midday trading on Friday, reaching $130.41. 8,210,700 shares of the company were exchanged, compared to its average volume of 6,400,660. Snowflake Inc. has a one year low of $107.13 and a one year high of $194.40. The stock has a market cap of $43.05 billion, a P/E ratio of -38.47 and a beta of 1.13. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The stock's 50-day moving average price is $168.97 and its 200-day moving average price is $152.40.
Insiders Place Their Bets
In other news, Director Frank Slootman sold 1,783 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $147.24, for a total value of $262,528.92. Following the completion of the transaction, the director now owns 192,511 shares of the company's stock, valued at $28,345,319.64. This represents a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 491,186 shares of company stock valued at $82,353,709 in the last 90 days. Corporate insiders own 7.80% of the company's stock.
Snowflake Company Profile
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Free Report)
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.
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