Principal Financial Group Inc. Decreases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Principal Financial Group Inc. lessened its stake in shares of Snowflake Inc. (NYSE:SNOW) by 13.9% during the third quarter, HoldingsChannel.com reports. The fund owned 68,251 shares of the company’s stock after selling 11,026 shares during the quarter. Principal Financial Group Inc.’s holdings in Snowflake were worth $7,839,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SNOW. Wellington Shields Capital Management LLC purchased a new stake in Snowflake in the second quarter worth approximately $27,000. Groupama Asset Managment bought a new position in shares of Snowflake during the 3rd quarter valued at $25,000. V Square Quantitative Management LLC purchased a new position in shares of Snowflake in the 3rd quarter worth $30,000. Fortitude Family Office LLC bought a new stake in shares of Snowflake in the third quarter worth $34,000. Finally, Larson Financial Group LLC increased its position in Snowflake by 81.3% during the third quarter. Larson Financial Group LLC now owns 339 shares of the company’s stock valued at $39,000 after acquiring an additional 152 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Activity at Snowflake

In other news, CAO Emily Ho sold 2,021 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $173.68, for a total value of $351,007.28. Following the sale, the chief accounting officer now directly owns 26,874 shares in the company, valued at approximately $4,667,476.32. This represents a 6.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 45,896 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $176.06, for a total value of $8,080,449.76. Following the transaction, the director now owns 208,735 shares of the company’s stock, valued at approximately $36,749,884.10. The trade was a 18.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 294,122 shares of company stock worth $48,636,014. Company insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SNOW shares. DA Davidson reissued a “buy” rating and issued a $175.00 target price on shares of Snowflake in a research report on Thursday, October 3rd. Jefferies Financial Group raised their price objective on shares of Snowflake from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Scotiabank increased their price target on shares of Snowflake from $170.00 to $220.00 and gave the stock a “sector outperform” rating in a research report on Monday, December 9th. Mizuho boosted their price objective on shares of Snowflake from $165.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Finally, Royal Bank of Canada raised their target price on Snowflake from $175.00 to $188.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.03.

Snowflake Trading Down 0.4 %

Shares of NYSE SNOW opened at $154.41 on Wednesday. The stock has a market capitalization of $50.97 billion, a P/E ratio of -45.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The business’s 50 day moving average is $149.39 and its two-hundred day moving average is $132.12. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72.

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.