Westpac Banking Corp Has $653,000 Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Westpac Banking Corp decreased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 36.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,230 shares of the company’s stock after selling 2,436 shares during the period. Westpac Banking Corp’s holdings in Snowflake were worth $653,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC raised its stake in shares of Snowflake by 400.2% in the fourth quarter. Creekmur Asset Management LLC now owns 2,696 shares of the company’s stock worth $416,000 after acquiring an additional 2,157 shares during the last quarter. Ardmore Road Asset Management LP bought a new stake in shares of Snowflake during the fourth quarter worth $18,529,000. Huntington National Bank lifted its stake in shares of Snowflake by 40.9% during the fourth quarter. Huntington National Bank now owns 978 shares of the company’s stock valued at $151,000 after acquiring an additional 284 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Snowflake by 0.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 98,459 shares of the company’s stock valued at $15,203,000 after acquiring an additional 492 shares during the last quarter. Finally, Meeder Advisory Services Inc. increased its position in Snowflake by 3.0% in the fourth quarter. Meeder Advisory Services Inc. now owns 4,862 shares of the company’s stock worth $751,000 after purchasing an additional 142 shares during the period. Institutional investors own 65.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SNOW. Monness Crespi & Hardt upped their target price on shares of Snowflake from $188.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Wells Fargo & Company raised their price objective on shares of Snowflake from $210.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Scotiabank lifted their target price on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a report on Monday, December 9th. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, Macquarie assumed coverage on Snowflake in a research note on Wednesday. They set a “neutral” rating and a $160.00 price objective for the company. Ten equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $203.05.

Snowflake Trading Down 6.8 %

Shares of NYSE:SNOW opened at $130.41 on Friday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $194.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market capitalization of $43.05 billion, a P/E ratio of -38.47 and a beta of 1.13. The company has a 50-day simple moving average of $168.97 and a 200 day simple moving average of $152.12.

Insider Buying and Selling at Snowflake

In other news, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the transaction, the chief financial officer now directly owns 292,610 shares of the company’s stock, valued at $47,756,878.10. This represents a 50.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 127,247 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total transaction of $22,427,283.75. Following the sale, the director now owns 195,281 shares of the company’s stock, valued at approximately $34,418,276.25. This represents a 39.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,186 shares of company stock worth $82,353,709 over the last 90 days. Company insiders own 7.80% of the company’s stock.

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.