Snowflake Inc. $SNOW Shares Sold by Plato Investment Management Ltd

Plato Investment Management Ltd trimmed its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 20.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,788 shares of the company’s stock after selling 1,448 shares during the quarter. Plato Investment Management Ltd’s holdings in Snowflake were worth $855,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bayforest Capital Ltd acquired a new stake in shares of Snowflake during the 1st quarter worth about $387,000. Zurich Insurance Group Ltd FI acquired a new stake in shares of Snowflake during the 1st quarter worth about $41,355,000. Meiji Yasuda Life Insurance Co increased its position in shares of Snowflake by 10.2% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 8,774 shares of the company’s stock worth $1,282,000 after purchasing an additional 809 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Snowflake by 7.7% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,361 shares of the company’s stock worth $930,000 after purchasing an additional 456 shares during the last quarter. Finally, Sciencast Management LP acquired a new stake in shares of Snowflake during the 1st quarter worth about $2,702,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares of the company’s stock, valued at approximately $38,144,398.29. The trade was a 81.10% 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. Insiders sold 3,224,389 shares of company stock worth $719,812,350 over the last three months. Insiders own 6.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SNOW. Raymond James Financial raised their price objective on Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. UBS Group lifted their target price on Snowflake from $250.00 to $285.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Macquarie lifted their target price on Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a research report on Thursday, August 28th. Morgan Stanley lifted their target price on Snowflake from $262.00 to $272.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Finally, Loop Capital lifted their target price on Snowflake from $220.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Snowflake presently has an average rating of “Moderate Buy” and a consensus target price of $255.53.

Snowflake Stock Performance

Shares of Snowflake stock opened at $224.82 on Friday. Snowflake Inc. has a one year low of $108.71 and a one year high of $249.99. The company has a market cap of $75.06 billion, a PE ratio of -54.17 and a beta of 1.22. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.58 and a current ratio of 1.48. The business has a 50-day simple moving average of $212.83 and a 200-day simple moving average of $188.54.

Snowflake (NYSE:SNOW) last announced 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 return on equity of 42.98% and a negative net margin of 33.53%.The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

About Snowflake

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.