LGT Group Foundation Grows Position in Snowflake Inc. (NYSE:SNOW)

LGT Group Foundation increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 187.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,506 shares of the company’s stock after purchasing an additional 31,627 shares during the quarter. LGT Group Foundation’s holdings in Snowflake were worth $6,553,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SNOW. AGF Management Ltd. purchased a new stake in shares of Snowflake during the fourth quarter valued at $382,000. QRG Capital Management Inc. grew its stake in Snowflake by 9.3% during the 4th quarter. QRG Capital Management Inc. now owns 34,990 shares of the company’s stock valued at $6,963,000 after purchasing an additional 2,965 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Snowflake by 5.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 199,474 shares of the company’s stock worth $39,697,000 after buying an additional 10,575 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Snowflake by 17.5% during the fourth quarter. Principal Financial Group Inc. now owns 97,788 shares of the company’s stock worth $19,460,000 after purchasing an additional 14,542 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in shares of Snowflake by 26.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 4,722 shares of the company’s stock valued at $940,000 after buying an additional 986 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Canaccord Genuity Group dropped their target price on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Scotiabank cut their price target on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Citigroup reduced their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. Finally, Loop Capital lowered their price target on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

Insider Activity

In other Snowflake news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now owns 4,247 shares of the company’s stock, valued at $607,236.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the transaction, the insider now directly owns 58,791 shares in the company, valued at $7,360,045.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Teresa Briggs sold 848 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. Insiders sold 510,098 shares of company stock valued at $63,102,307 in the last ninety days. Company insiders own 7.80% of the company’s stock.

Snowflake Stock Up 1.3 %

Shares of Snowflake stock opened at $109.95 on Tuesday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The business’s fifty day moving average is $125.92 and its two-hundred day moving average is $144.82. The firm has a market cap of $36.81 billion, a PE ratio of -39.27 and a beta of 0.84.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the firm posted ($0.52) EPS. The company’s revenue was up 28.9% on a year-over-year basis. Equities research analysts anticipate that Snowflake Inc. will post -2.42 EPS for the current 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.