FUKOKU MUTUAL LIFE INSURANCE Co Acquires New Stake in Snowflake Inc. (NYSE:SNOW)

FUKOKU MUTUAL LIFE INSURANCE Co acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,573 shares of the company's stock, valued at approximately $230,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in SNOW. Norges Bank bought a new position in Snowflake in the fourth quarter worth about $988,950,000. GQG Partners LLC bought a new position in Snowflake in the fourth quarter worth about $750,572,000. FMR LLC raised its holdings in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. Finally, Groupama Asset Managment raised its holdings in Snowflake by 930,132.6% in the fourth quarter. Groupama Asset Managment now owns 2,000,000 shares of the company's stock worth $308,820,000 after purchasing an additional 1,999,785 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Transactions at Snowflake

In related news, Director Mark Garrett sold 67,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the transaction, the director directly owned 7,428 shares of the company's stock, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,718,258 shares of company stock valued at $589,762,906 in the last three months. 6.80% of the stock is currently owned by company insiders.

Snowflake Price Performance

Shares of SNOW stock traded down $3.78 during trading hours on Friday, hitting $210.64. 3,867,733 shares of the company's stock were exchanged, compared to its average volume of 6,016,131. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market cap of $70.32 billion, a P/E ratio of -50.03 and a beta of 1.22. The firm has a 50 day moving average of $203.53 and a two-hundred day moving average of $177.02. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business's quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 EPS. Sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Daiwa Capital Markets assumed coverage on Snowflake in a research note on Tuesday, April 1st. They set a "buy" rating and a $210.00 price target on the stock. JMP Securities restated a "market outperform" rating and set a $245.00 price target on shares of Snowflake in a research note on Wednesday, June 4th. Cantor Fitzgerald boosted their price target on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Royal Bank Of Canada boosted their price target on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Finally, Needham & Company LLC restated a "buy" rating and set a $230.00 price target on shares of Snowflake in a research note on Thursday, June 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $225.36.

Snowflake Company Profile

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.