OMERS ADMINISTRATION Corp grew its position in Snowflake Inc. (NYSE:SNOW – Free Report) by 4,284.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 696,278 shares of the company’s stock after purchasing an additional 680,397 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Snowflake were worth $105,013,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in SNOW. Assetmark Inc. increased its position in shares of Snowflake by 99.1% during the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock worth $43,577,000 after purchasing an additional 98,870 shares during the last quarter. Jennison Associates LLC lifted its position in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the last quarter. Swedbank AB lifted its position in Snowflake by 6.0% in the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock valued at $291,840,000 after buying an additional 75,419 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Snowflake by 8.2% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company’s stock worth $31,639,000 after buying an additional 10,972 shares during the period. Finally, Cache Advisors LLC boosted its stake in Snowflake by 175.0% during the fourth quarter. Cache Advisors LLC now owns 11,132 shares of the company’s stock worth $2,442,000 after buying an additional 7,084 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.
Insider Buying and Selling
In other news, Director Michael L. Speiser sold 840 shares of Snowflake stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $257.91, for a total value of $216,644.40. Following the completion of the transaction, the director owned 26,876 shares in the company, valued at approximately $6,931,589.16. This trade represents a 3.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total value of $431,985.00. Following the transaction, the chief accounting officer directly owned 41,283 shares of the company’s stock, valued at approximately $9,587,976.75. This represents a 4.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,802,015 shares of company stock worth $421,739,629 over the last ninety days. Company insiders own 4.80% of the company’s stock.
Snowflake Stock Up 1.1%
Snowflake (NYSE:SNOW – Get Free Report) last released its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the business posted $0.24 earnings per share. Snowflake’s revenue was up 33.5% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -1.84 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on SNOW shares. Piper Sandler boosted their price target on shares of Snowflake from $295.00 to $320.00 and gave the company an “overweight” rating in a research note on Wednesday, June 3rd. Scotiabank upped their price objective on shares of Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a report on Monday, June 8th. Wells Fargo & Company increased their price objective on shares of Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Wedbush lifted their target price on shares of Snowflake from $270.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. Finally, Evercore set a $200.00 target price on Snowflake in a research report on Tuesday, April 14th. Thirty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $296.27.
Read Our Latest Stock Analysis on SNOW
About Snowflake
Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.
Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.
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