TD Asset Management Inc Decreases Stock Holdings in Snowflake Inc. $SNOW

TD Asset Management Inc lowered its stake in Snowflake Inc. (NYSE:SNOW) by 4.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,250 shares of the company’s stock after selling 3,515 shares during the quarter. TD Asset Management Inc’s holdings in Snowflake were worth $17,734,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SNOW. Goldman Sachs Group Inc. grew its holdings in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock worth $524,293,000 after acquiring an additional 650,775 shares during the period. CenterBook Partners LP bought a new stake in shares of Snowflake during the 1st quarter valued at about $2,381,000. Berkshire Capital Holdings Inc. increased its position in shares of Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock valued at $1,047,000 after purchasing an additional 7,150 shares during the last quarter. Lyell Wealth Management LP lifted its stake in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock worth $8,870,000 after purchasing an additional 2,955 shares during the period. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of Snowflake in the 2nd quarter worth approximately $3,900,134,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on SNOW. Piper Sandler upped their target price on shares of Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Snowflake in a research note on Wednesday, October 8th. BTIG Research lifted their target price on Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Citigroup restated an “outperform” rating on shares of Snowflake in a research report on Thursday, August 28th. Finally, The Goldman Sachs Group raised their price objective on Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $256.71.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $250.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the executive vice president directly owned 43,568 shares of the company’s stock, valued at approximately $10,892,000. This represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares of the company’s stock, valued at $33,899,720.24. The trade was a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is owned by corporate insiders.

Snowflake Trading Up 0.3%

Shares of Snowflake stock opened at $240.68 on Friday. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $255.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market capitalization of $81.54 billion, a P/E ratio of -58.00 and a beta of 1.21. The company has a fifty day moving average of $222.38 and a 200 day moving average of $201.63.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business’s revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 earnings per share. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

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.