Temasek Holdings Private Ltd Increases Position in Snowflake Inc. $SNOW

Temasek Holdings Private Ltd lifted its stake in Snowflake Inc. (NYSE:SNOW) by 96.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 368,528 shares of the company’s stock after acquiring an additional 181,101 shares during the period. Temasek Holdings Private Ltd’s holdings in Snowflake were worth $80,840,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Snowflake by 5.1% during 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 during the last quarter. Jennison Associates LLC lifted its stake in shares of Snowflake by 27.7% during 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 during the last quarter. Nuveen LLC lifted its stake in shares of Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after purchasing an additional 116,521 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock worth $1,052,195,000 after purchasing an additional 249,668 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Snowflake during the 4th quarter worth $974,091,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNOW has been the subject of a number of analyst reports. Weiss Ratings cut Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. Wells Fargo & Company raised their price objective on Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Truist Financial raised their price objective on Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Rosenblatt Securities raised their price objective on Snowflake from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Bank of America raised their price objective on Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $291.77.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 162,924 shares of Snowflake stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $263.70, for a total transaction of $42,963,058.80. Following the completion of the sale, the director owned 38,046 shares of the company’s stock, valued at approximately $10,032,730.20. The trade was a 81.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director directly owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This represents a 91.91% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,578,690 shares of company stock worth $357,534,217. 4.80% of the stock is owned by insiders.

Snowflake Stock Performance

Shares of SNOW opened at $240.61 on Tuesday. The stock has a 50-day moving average of $175.41 and a two-hundred day moving average of $189.78. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $83.40 billion, a P/E ratio of -68.35 and a beta of 1.35.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping 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 company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s revenue was up 33.5% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -1.87 EPS for the current year.

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.