Amundi Lowers Stock Position in Snowflake Inc. $SNOW

Amundi trimmed its holdings in Snowflake Inc. (NYSE:SNOW) by 33.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,199,157 shares of the company’s stock after selling 609,093 shares during the quarter. Amundi owned approximately 0.36% of Snowflake worth $260,625,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SNOW. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Snowflake in the second quarter valued at about $3,900,134,000. Norges Bank acquired a new position in Snowflake in the 2nd quarter valued at about $944,895,000. Nuveen LLC purchased a new stake in Snowflake during the 1st quarter valued at approximately $555,847,000. AQR Capital Management LLC raised its stake 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 acquiring an additional 2,460,769 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in Snowflake by 20.5% during the 2nd quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock worth $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of recent research reports. Mizuho boosted their target price on Snowflake from $260.00 to $285.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Scotiabank reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley raised their target price on shares of Snowflake from $272.00 to $299.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Snowflake in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $275.05.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $257.29, for a total value of $103,687.87. Following the completion of the transaction, the director owned 24,927 shares in the company, valued at $6,413,467.83. This trade represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at $127,871,648.50. This trade represents a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 170,564 shares of company stock worth $41,676,989 in the last three months. 6.80% of the stock is owned by corporate insiders.

Snowflake Trading Down 2.3%

Shares of Snowflake stock opened at $229.42 on Friday. The company has a 50-day moving average of $251.34 and a two-hundred day moving average of $226.24. Snowflake Inc. has a 12-month low of $120.10 and a 12-month high of $280.67. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market cap of $77.73 billion, a PE ratio of -56.79 and a beta of 1.09.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.04. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Snowflake had a negative return on equity of 43.84% and a negative net margin of 30.76%.The company’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 EPS. On average, research analysts anticipate 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.