Snowflake Inc. (NYSE:SNOW) Position Lessened by Toronto Dominion Bank

Toronto Dominion Bank trimmed its position in shares of Snowflake Inc. (NYSE:SNOW) by 25.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,030 shares of the company’s stock after selling 9,739 shares during the period. Toronto Dominion Bank’s holdings in Snowflake were worth $4,530,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Snowflake by 1.4% during the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares in the last quarter. Jennison Associates LLC raised its holdings in Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares in the last quarter. Sands Capital Management LLC raised its holdings in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares in the last quarter. Norges Bank bought a new position in Snowflake during the fourth quarter valued at about $838,455,000. Finally, WCM Investment Management LLC raised its holdings in Snowflake by 0.6% during the first quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock valued at $298,644,000 after buying an additional 11,677 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Down 0.5 %

NYSE SNOW opened at $129.00 on Friday. The stock’s 50 day moving average is $136.95 and its two-hundred day moving average is $164.86. The company has a market capitalization of $43.19 billion, a price-to-earnings ratio of -46.07 and a beta of 0.85. Snowflake Inc. has a 1-year low of $122.60 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The company had revenue of $828.71 million for the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative net margin of 30.80% and a negative return on equity of 15.99%. On average, analysts predict that Snowflake Inc. will post -2.28 earnings per share for the current year.

Insider Activity

In other news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the transaction, the executive vice president now owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Christian Kleinerman sold 1,500 shares of Snowflake stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the transaction, the executive vice president now owns 772,597 shares in the company, valued at $124,504,006.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Teresa Briggs sold 848 shares of Snowflake stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 533,460 shares of company stock worth $66,963,450. Insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

SNOW has been the topic of several recent research reports. Piper Sandler cut their target price on Snowflake from $240.00 to $165.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Robert W. Baird cut their target price on Snowflake from $210.00 to $200.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Scotiabank lowered their price target on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating on the stock in a research report on Thursday, May 23rd. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a research report on Friday, May 24th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $220.00 price target on shares of Snowflake in a research report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $197.31.

Snowflake Company 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.