Swiss National Bank Grows Holdings in Snowflake Inc. $SNOW

Swiss National Bank increased its holdings in Snowflake Inc. (NYSE:SNOW) by 14.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 960,800 shares of the company’s stock after acquiring an additional 123,000 shares during the quarter. Swiss National Bank owned about 0.29% of Snowflake worth $214,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Snowflake Stock Down 4.2%

SNOW opened at $234.37 on Friday. The stock has a market capitalization of $79.40 billion, a price-to-earnings ratio of -56.47 and a beta of 1.23. The firm has a 50 day moving average price of $246.37 and a 200-day moving average price of $221.34. Snowflake Inc. has a twelve month low of $120.10 and a twelve month high of $280.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm’s revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. Equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Transactions at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 527,336 shares of the company’s stock, valued at approximately $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director directly owned 165,507 shares of the company’s stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 931,388 shares of company stock worth $216,578,628 in the last ninety days. Insiders own 6.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Evercore ISI raised their price target on Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Sanford C. Bernstein increased their price objective on shares of Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a research report on Thursday, August 28th. Needham & Company LLC raised their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Truist Financial upped their target price on shares of Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Finally, Barclays increased their price target on shares of Snowflake from $219.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $266.42.

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.