Gilliland Jeter Wealth Management LLC Raises Stock Position in Snowflake Inc. (NYSE:SNOW)

Gilliland Jeter Wealth Management LLC increased its position in shares of Snowflake Inc. (NYSE:SNOW) by 11.5% during the third quarter, HoldingsChannel.com reports. The fund owned 3,759 shares of the company’s stock after acquiring an additional 389 shares during the period. Gilliland Jeter Wealth Management LLC’s holdings in Snowflake were worth $432,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Snowflake by 1.4% in the first quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock worth $3,439,842,000 after buying an additional 297,428 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after acquiring an additional 249,249 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Snowflake by 11.5% during the 2nd quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares during the last quarter. Swedbank AB purchased a new position in shares of Snowflake during the first quarter worth about $258,957,000. Finally, Bank of New York Mellon Corp increased its position in shares of Snowflake by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock worth $216,142,000 after purchasing an additional 8,743 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on SNOW. Hsbc Global Res raised shares of Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company cut their target price on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. UBS Group reduced their price target on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Rosenblatt Securities restated a “buy” rating and issued a $180.00 price objective on shares of Snowflake in a report on Wednesday, October 2nd. Finally, JMP Securities reduced their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.74.

Snowflake Stock Up 0.4 %

NYSE:SNOW opened at $119.54 on Monday. The stock has a market capitalization of $40.02 billion, a price-to-earnings ratio of -42.69 and a beta of 0.83. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The firm has a 50 day moving average of $116.65 and a 200 day moving average of $133.01.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the prior year, the business posted ($0.52) EPS. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, analysts expect that Snowflake Inc. will post -2.41 EPS for the current year.

Insiders Place Their Bets

In related news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Snowflake news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 1,606 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the transaction, the director now directly owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,538 shares of company stock valued at $7,049,994. 7.80% of the stock is currently owned by corporate insiders.

About Snowflake

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.