Allspring Global Investments Holdings LLC Decreases Stake in Snowflake Inc. (NYSE:SNOW)

Allspring Global Investments Holdings LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 73.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 457 shares of the company’s stock after selling 1,268 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Snowflake were worth $62,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Snowflake during the fourth quarter valued at approximately $838,455,000. Swedbank AB purchased a new position in shares of Snowflake during the first quarter valued at approximately $258,957,000. Vanguard Group Inc. increased its stake in shares of Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Snowflake during the first quarter valued at approximately $171,608,000. Finally, Cibc World Markets Corp purchased a new position in shares of Snowflake during the fourth quarter valued at approximately $147,120,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Sanford C. Bernstein boosted their target price on Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday, May 23rd. The Goldman Sachs Group restated a “buy” rating and set a $220.00 price target on shares of Snowflake in a research report on Monday, July 1st. KeyCorp lifted their price target on Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Evercore ISI dropped their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Finally, Morgan Stanley restated an “equal weight” rating and set a $175.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Snowflake Stock Performance

Snowflake stock opened at $109.95 on Tuesday. The stock has a market cap of $36.81 billion, a PE ratio of -39.27 and a beta of 0.84. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72. The stock has a fifty day moving average of $125.92 and a 200 day moving average of $144.82.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.52) earnings per share. As a group, sell-side analysts predict that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the sale, the insider now owns 58,791 shares in the company, valued at $7,360,045.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now owns 4,247 shares of the company’s stock, valued at $607,236.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the transaction, the insider now directly owns 58,791 shares of the company’s stock, valued at approximately $7,360,045.29. The disclosure for this sale can be found here. Insiders sold a total of 510,098 shares of company stock worth $63,102,307 over the last quarter. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Profile

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.