Franklin Resources Inc. Buys 7,373 Shares of Snowflake Inc. (NYSE:SNOW)

Franklin Resources Inc. boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 536,588 shares of the company’s stock after acquiring an additional 7,373 shares during the quarter. Franklin Resources Inc. owned 0.16% of Snowflake worth $66,086,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in Snowflake by 103.9% in the 2nd quarter. Blue Trust Inc. now owns 524 shares of the company’s stock worth $71,000 after acquiring an additional 267 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Snowflake by 17.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 127,790 shares of the company’s stock worth $17,263,000 after purchasing an additional 19,324 shares during the last quarter. Pallas Capital Advisors LLC increased its holdings in Snowflake by 311.6% during the 2nd quarter. Pallas Capital Advisors LLC now owns 5,519 shares of the company’s stock valued at $717,000 after purchasing an additional 4,178 shares during the period. Summit Global Investments bought a new position in Snowflake during the 2nd quarter valued at approximately $1,470,000. Finally, Fifth Third Bancorp lifted its holdings in Snowflake by 9.3% in the 2nd quarter. Fifth Third Bancorp now owns 3,336 shares of the company’s stock worth $451,000 after buying an additional 285 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Loop Capital reduced their target price on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Citigroup decreased their price objective on shares of Snowflake from $200.00 to $183.00 and set a “buy” rating for the company in a report on Monday, November 18th. StockNews.com cut shares of Snowflake from a “hold” rating to a “sell” rating in a research report on Thursday, November 28th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Snowflake from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, DA Davidson restated a “buy” rating and issued a $175.00 price objective on shares of Snowflake in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.46.

Insider Buying and Selling

In other news, Director Frank Slootman sold 45,896 shares of Snowflake stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $176.06, for a total transaction of $8,080,449.76. Following the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at $36,749,884.10. The trade was a 18.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total transaction of $31,974.67. Following the completion of the sale, the insider now directly owns 53,250 shares of the company’s stock, valued at $5,932,582.50. This represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 283,158 shares of company stock valued at $46,709,467. 7.80% of the stock is owned by insiders.

Snowflake Trading Up 2.9 %

Shares of NYSE:SNOW opened at $172.60 on Tuesday. The stock’s 50-day simple moving average is $140.12 and its two-hundred day simple moving average is $129.75. The stock has a market capitalization of $56.97 billion, a price-to-earnings ratio of -50.91 and a beta of 1.03. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $237.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

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.