Aberdeen Group plc Has $8.35 Million Stake in Snowflake Inc. $SNOW

Key Points

• Aberdeen Group plc increased its stake in Snowflake Inc. by 4.7%, now owning 57,128 shares valued at approximately $8.35 million.
• Snowflake's stock received multiple upgrades from analysts, with target prices ranging from $215.00 to $261.00, indicating strong market optimism.
• Insider selling activity was significant, with Director Frank Slootman selling 424,852 shares worth over $93 million, a 71.97% decrease in their ownership.

Aberdeen Group plc lifted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,128 shares of the company's stock after purchasing an additional 2,549 shares during the quarter. Aberdeen Group plc's holdings in Snowflake were worth $8,350,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Quarry LP raised its stake in shares of Snowflake by 9.8% in the fourth quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after purchasing an additional 59 shares in the last quarter. Ignite Planners LLC raised its stake in shares of Snowflake by 2.3% in the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after purchasing an additional 64 shares in the last quarter. Archford Capital Strategies LLC raised its stake in shares of Snowflake by 1.9% in the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after purchasing an additional 68 shares in the last quarter. TD Private Client Wealth LLC raised its stake in shares of Snowflake by 8.9% in the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after purchasing an additional 68 shares in the last quarter. Finally, WD Rutherford LLC raised its stake in shares of Snowflake by 0.6% in the first quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock valued at $1,795,000 after purchasing an additional 79 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Robert W. Baird upped their target price on Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Stephens started coverage on Snowflake in a research note on Friday, July 18th. They set an "overweight" rating and a $261.00 price objective for the company. Piper Sandler reiterated an "overweight" rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. JPMorgan Chase & Co. increased their price objective on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Finally, BTIG Research reiterated a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $226.32.

Insider Activity

In related news, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction dated 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 owned 292,610 shares in the company, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,014,642 shares of company stock worth $657,325,186. 6.80% of the stock is owned by company insiders.

Snowflake Price Performance

Shares of SNOW stock opened at $192.5340 on Wednesday. The stock's fifty day moving average is $211.94 and its 200-day moving average is $184.73. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market capitalization of $64.28 billion, a PE ratio of -45.73 and a beta of 1.22. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%.The firm's quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.14 earnings per share. Equities research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake 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.

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