iA Global Asset Management Inc. Purchases 19,640 Shares of Snowflake Inc. $SNOW

iA Global Asset Management Inc. lifted its position in Snowflake Inc. (NYSE:SNOW) by 60.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,290 shares of the company’s stock after acquiring an additional 19,640 shares during the quarter. iA Global Asset Management Inc.’s holdings in Snowflake were worth $11,701,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH bought a new stake in shares of Snowflake in the second quarter valued at about $25,000. Avion Wealth lifted its position in shares of Snowflake by 76.6% during the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares during the last quarter. Rossby Financial LCC lifted its position in shares of Snowflake by 4,233.3% during the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after buying an additional 127 shares during the last quarter. Whittier Trust Co. lifted its position in shares of Snowflake by 149.1% during the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after buying an additional 82 shares during the last quarter. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Snowflake during the second quarter valued at about $36,000. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on SNOW shares. Piper Sandler increased their price target on shares of Snowflake from $215.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Monness Crespi & Hardt increased their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Citigroup reissued a “market outperform” rating on shares of Snowflake in a research report on Tuesday. Royal Bank Of Canada increased their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Finally, BTIG Research increased their price target on shares of Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $258.95.

Insider Activity at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $224.85, for a total value of $11,318,499.30. Following the sale, the director owned 35,276 shares in the company, valued at $7,931,808.60. This represents a 58.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 865,647 shares of company stock worth $199,370,673. 6.80% of the stock is owned by insiders.

Snowflake Stock Performance

SNOW opened at $274.81 on Friday. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $275.48. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $93.11 billion, a P/E ratio of -66.22 and a beta of 1.21. The firm’s 50-day moving average price is $235.24 and its 200-day moving average price is $210.69.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.