Allspring Global Investments Holdings LLC Boosts Stock Holdings in Snowflake Inc. $SNOW

Allspring Global Investments Holdings LLC increased its position in Snowflake Inc. (NYSE:SNOW) by 30,398.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 383,064 shares of the company’s stock after acquiring an additional 381,808 shares during the period. Allspring Global Investments Holdings LLC owned about 0.11% of Snowflake worth $88,315,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Snowflake during the second quarter valued at approximately $6,845,000. Kingstone Capital Partners Texas LLC purchased a new stake in Snowflake in the second quarter worth approximately $3,900,134,000. Goldstream Capital Management Ltd bought a new stake in Snowflake in the 2nd quarter worth approximately $3,801,000. Newbridge Financial Services Group Inc. raised its stake in Snowflake by 81.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 20,141 shares of the company’s stock valued at $4,507,000 after buying an additional 9,052 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Snowflake by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock valued at $6,218,515,000 after buying an additional 595,553 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Down 1.2%

Snowflake stock opened at $219.39 on Thursday. Snowflake Inc. has a 12-month low of $120.10 and a 12-month high of $280.67. The firm has a market capitalization of $75.08 billion, a price-to-earnings ratio of -54.30 and a beta of 1.09. The firm has a 50 day moving average of $244.49 and a 200 day moving average of $228.54. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 28.7% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In related news, Director Frank Slootman sold 200,000 shares of Snowflake stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $221.83, for a total transaction of $44,366,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at approximately $11,164,482.07. This trade represents a 79.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the completion of the transaction, the executive vice president owned 512,450 shares of the company’s stock, valued at $127,871,648.50. The trade was a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 401,880 shares of company stock worth $93,291,032 over the last ninety days. Corporate insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Cowen restated a “buy” rating on shares of Snowflake in a research note on Thursday, December 4th. BTIG Research reissued a “buy” rating and issued a $312.00 target price on shares of Snowflake in a report on Thursday, December 4th. UBS Group reissued a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Finally, Evercore ISI increased their price objective on shares of Snowflake from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $275.32.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.