Snowflake Inc. $SNOW Stock Holdings Lessened by Korea Investment CORP

Korea Investment CORP reduced its holdings in Snowflake Inc. (NYSE:SNOW) by 8.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 426,073 shares of the company’s stock after selling 38,293 shares during the period. Korea Investment CORP’s holdings in Snowflake were worth $93,463,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Assetmark Inc. lifted its position in shares of Snowflake by 99.1% in the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock worth $43,577,000 after buying an additional 98,870 shares during the last quarter. Jennison Associates LLC lifted its position in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Snowflake in the 3rd quarter valued at about $116,882,000. Swedbank AB lifted its position in Snowflake by 6.0% in the 4th quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock valued at $291,840,000 after purchasing an additional 75,419 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Snowflake by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock valued at $6,461,465,000 after purchasing an additional 857,832 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNOW has been the topic of several recent research reports. Citigroup lifted their price objective on shares of Snowflake from $260.00 to $320.00 and gave the company a “buy” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. lifted their price objective on shares of Snowflake from $245.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. KeyCorp set a $295.00 price objective on shares of Snowflake in a research report on Thursday, May 28th. HSBC set a $289.00 price objective on shares of Snowflake and gave the company a “buy” rating in a research report on Friday, May 29th. Finally, Bank of America lifted their price objective on shares of Snowflake from $205.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.77.

Insider Activity at Snowflake

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the sale, the director directly owned 8,801 shares in the company, valued at approximately $2,200,250. The trade was a 91.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christian Kleinerman sold 2,729 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $239.00, for a total transaction of $652,231.00. Following the sale, the executive vice president owned 413,002 shares in the company, valued at $98,707,478. This trade represents a 0.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,589,550 shares of company stock valued at $359,438,410 over the last quarter. Corporate insiders own 4.80% of the company’s stock.

Snowflake Stock Down 3.3%

SNOW stock opened at $232.38 on Friday. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company has a market capitalization of $80.54 billion, a price-to-earnings ratio of -66.02 and a beta of 1.35. The firm’s 50-day moving average is $173.64 and its two-hundred day moving average is $190.21. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $0.24 EPS. Snowflake’s revenue was up 33.5% on a year-over-year basis. On average, analysts forecast that Snowflake Inc. will post -1.87 earnings per share for the current fiscal year.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.