Swiss National Bank Buys 123,000 Shares of Snowflake Inc. $SNOW

by · The Cerbat Gem

Swiss National Bank lifted its stake in Snowflake Inc. (NYSE:SNOW – Free Report) by 14.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 960,800 shares of the company’s stock after purchasing an additional 123,000 shares during the quarter. Swiss National Bank’s holdings in Snowflake were worth $214,998,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC purchased a new stake in Snowflake in the 2nd quarter worth approximately $3,900,134,000. Nuveen LLC purchased a new position in Snowflake during the first quarter valued at approximately $555,847,000. AQR Capital Management LLC boosted its position in shares of Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock worth $456,430,000 after purchasing an additional 2,460,769 shares during the period. Jennison Associates LLC increased its stake in shares of Snowflake by 20.5% in the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock worth $1,790,309,000 after purchasing an additional 1,363,389 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Snowflake by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock valued at $691,693,000 after purchasing an additional 763,673 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SNOW. Raymond James Financial upped their target price on shares of Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, August 28th. DA Davidson reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Snowflake in a research note on Monday, August 25th. Morgan Stanley increased their target price on Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Canaccord Genuity Group boosted their price target on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Finally, Mizuho upped their price target on Snowflake from $260.00 to $285.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $266.42.

View Our Latest Analysis on Snowflake

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total value of $2,335,000.00. Following the completion of the sale, the executive vice president directly owned 527,336 shares of the company’s stock, valued at $123,132,956. This trade represents a 1.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 931,388 shares of company stock worth $216,578,628. Insiders own 6.80% of the company’s stock.

Snowflake Trading Down 4.2%

Shares of SNOW opened at $234.37 on Friday. The stock has a market capitalization of $79.40 billion, a PE ratio of -56.47 and a beta of 1.23. The company’s fifty day moving average is $246.37 and its 200 day moving average is $221.34. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $280.67.

Snowflake (NYSE:SNOW – Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the company posted $0.18 EPS. The business’s revenue was up 31.8% on a year-over-year basis. Sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Snowflake Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW – Free Report).