abrdn plc Has $34.70 Million Stock Position in Snowflake Inc. (NYSE:SNOW)

abrdn plc grew its stake in shares of Snowflake Inc. (NYSE:SNOW) by 53.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 174,390 shares of the company’s stock after purchasing an additional 60,710 shares during the quarter. abrdn plc owned about 0.05% of Snowflake worth $34,704,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Vantage Investment Partners LLC increased its position in shares of Snowflake by 43.9% during the 4th quarter. Vantage Investment Partners LLC now owns 41,001 shares of the company’s stock worth $8,159,000 after purchasing an additional 12,513 shares during the last quarter. Kornitzer Capital Management Inc. KS acquired a new position in shares of Snowflake during the 4th quarter worth approximately $468,000. John G Ullman & Associates Inc. increased its position in shares of Snowflake by 54.4% during the 4th quarter. John G Ullman & Associates Inc. now owns 10,732 shares of the company’s stock worth $2,136,000 after purchasing an additional 3,782 shares during the last quarter. Institute for Wealth Management LLC. increased its holdings in shares of Snowflake by 2.9% during the 4th quarter. Institute for Wealth Management LLC. now owns 4,283 shares of the company’s stock worth $852,000 after acquiring an additional 119 shares during the last quarter. Finally, Calamos Advisors LLC increased its holdings in shares of Snowflake by 472.5% during the 4th quarter. Calamos Advisors LLC now owns 25,230 shares of the company’s stock worth $5,021,000 after acquiring an additional 20,823 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In other news, insider Benoit Dageville sold 689 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the sale, the insider now owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Benoit Dageville sold 689 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $111,218.38. Following the completion of the sale, the insider now owns 70,665 shares of the company’s stock, valued at $11,406,744.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $161.42, for a total value of $110,249.86. Following the completion of the sale, the executive vice president now directly owns 86,208 shares of the company’s stock, valued at approximately $13,915,695.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 178,209 shares of company stock valued at $36,391,592. Company insiders own 8.30% of the company’s stock.

Snowflake Stock Up 1.2 %

Shares of SNOW opened at $147.21 on Tuesday. Snowflake Inc. has a 12-month low of $135.26 and a 12-month high of $237.72. The business has a 50-day simple moving average of $176.10 and a two-hundred day simple moving average of $179.38.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The business had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. As a group, analysts expect that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Oppenheimer decreased their target price on Snowflake from $240.00 to $220.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Truist Financial decreased their target price on Snowflake from $250.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. JMP Securities boosted their target price on Snowflake from $212.00 to $235.00 and gave the stock a “market outperform” rating in a report on Thursday, February 29th. Royal Bank of Canada decreased their target price on Snowflake from $255.00 to $246.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Finally, Piper Sandler reissued an “overweight” rating and set a $250.00 target price on shares of Snowflake in a report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $202.00.

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.