Legal & General Group Plc Acquires 96,373 Shares of Snowflake Inc. $SNOW

Legal & General Group Plc grew its holdings in Snowflake Inc. (NYSE:SNOW) by 5.2% in the fourth quarter, Holdings Channel reports. The firm owned 1,949,962 shares of the company’s stock after buying an additional 96,373 shares during the quarter. Legal & General Group Plc’s holdings in Snowflake were worth $427,744,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SNOW. Jennison Associates LLC increased its holdings in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares in the last quarter. Coatue Management LLC bought a new stake in shares of Snowflake in the 3rd quarter worth $441,277,000. American Century Companies Inc. increased its holdings in shares of Snowflake by 233.3% in the 3rd quarter. American Century Companies Inc. now owns 2,104,925 shares of the company’s stock worth $474,766,000 after purchasing an additional 1,473,354 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Snowflake by 445.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock worth $326,971,000 after purchasing an additional 1,217,350 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on SNOW. TD Cowen reaffirmed a “buy” rating on shares of Snowflake in a report on Friday. Mizuho cut their price objective on Snowflake from $285.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, February 17th. KeyCorp reaffirmed an “overweight” rating on shares of Snowflake in a report on Wednesday, May 20th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $275.00 price objective on shares of Snowflake in a report on Thursday, May 21st. Finally, Piper Sandler cut their price objective on Snowflake from $285.00 to $230.00 and set an “overweight” rating for the company in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $242.19.

Snowflake Stock Performance

Shares of SNOW opened at $171.98 on Tuesday. The firm has a market capitalization of $59.45 billion, a P/E ratio of -43.54 and a beta of 1.08. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.30 and a quick ratio of 1.30. The business has a fifty day moving average of $153.77 and a 200 day moving average of $191.91. Snowflake Inc. has a one year low of $118.30 and a one year high of $280.67.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.Snowflake’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.30 earnings per share. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.16 EPS for the current year.

Insider Buying and Selling

In related news, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $152.80, for a total transaction of $592,252.80. Following the transaction, the senior vice president directly owned 273,323 shares in the company, valued at approximately $41,763,754.40. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on Friday, March 6th. The shares were sold at an average price of $175.19, for a total value of $8,818,714.22. Following the transaction, the director owned 30,236 shares in the company, valued at $5,297,044.84. This trade represents a 62.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 428,963 shares of company stock valued at $71,996,216 over the last three months. 6.80% of the stock is currently owned by company insiders.

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.