SEB Asset Management AB Buys New Position in Snowflake Inc. $SNOW

SEB Asset Management AB bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 76,336 shares of the company’s stock, valued at approximately $11,513,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Swiss National Bank lifted its holdings in Snowflake by 7.1% in the 1st quarter. Swiss National Bank now owns 944,600 shares of the company’s stock valued at $142,465,000 after acquiring an additional 62,600 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in shares of Snowflake in the 1st quarter worth approximately $667,000. Spartan Wealth Advisory Services LLC acquired a new position in shares of Snowflake in the 1st quarter worth approximately $385,000. Quadrant Private Wealth Management LLC raised its holdings in shares of Snowflake by 0.3% in the 1st quarter. Quadrant Private Wealth Management LLC now owns 59,168 shares of the company’s stock worth $8,924,000 after purchasing an additional 178 shares in the last quarter. Finally, Centennial Bank AR bought a new stake in shares of Snowflake in the 1st quarter worth approximately $60,000. 65.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on SNOW. Needham & Company LLC raised their target price on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. BTIG Research lifted their price target on shares of Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Scotiabank upped their price target on Snowflake from $285.00 to $320.00 and gave the company a “sector outperform” rating in a report on Monday, June 8th. Loop Capital increased their price objective on Snowflake from $290.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Finally, HSBC set a $289.00 price objective on Snowflake and gave the stock a “buy” rating in a research note on Friday, May 29th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $296.27.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $141.60, for a total value of $7,127,860.80. Following the completion of the sale, the director directly owned 28,556 shares in the company, valued at $4,043,529.60. The trade was a 63.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the sale, the director directly owned 38,046 shares of the company’s stock, valued at $9,603,951.78. This represents a 91.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,802,015 shares of company stock worth $421,739,629. Insiders own 4.80% of the company’s stock.

Snowflake Price Performance

SNOW opened at $274.92 on Tuesday. The stock has a market cap of $95.29 billion, a price-to-earnings ratio of -78.10 and a beta of 1.35. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The stock has a fifty day moving average price of $229.90 and a 200 day moving average price of $193.81.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted $0.24 EPS. The business’s revenue was up 33.5% compared to the same quarter last year. Analysts forecast that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Snowflake Company Profile

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.