Alberta Investment Management Corp Cuts Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Alberta Investment Management Corp significantly reduced its stake in Snowflake Inc. by 81.8%, selling 128,040 shares and now holding 28,404 shares valued at approximately $4.15 million.
• Despite this decrease, several other institutional investors, including FMR LLC and Price T Rowe Associates, increased their positions in Snowflake, indicating ongoing institutional interest.
• Analysts have varied price targets for Snowflake, with estimates ranging from $219.00 to $260.00, reflecting mixed sentiment on its stock performance amidst recent market activity.

Alberta Investment Management Corp decreased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 81.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,404 shares of the company's stock after selling 128,040 shares during the quarter. Alberta Investment Management Corp's holdings in Snowflake were worth $4,152,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNOW. FMR LLC raised its position in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after purchasing an additional 2,805,425 shares during the period. Price T Rowe Associates Inc. MD raised its position 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 valued at $612,817,000 after purchasing an additional 2,200,406 shares during the period. Invesco Ltd. grew its stake in shares of Snowflake by 406.5% in the fourth quarter. Invesco Ltd. now owns 2,441,112 shares of the company's stock worth $376,932,000 after acquiring an additional 1,959,137 shares in the last quarter. Winslow Capital Management LLC acquired a new position in shares of Snowflake in the fourth quarter worth $172,683,000. Finally, Voya Investment Management LLC grew its stake in shares of Snowflake by 157.0% in the fourth quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock worth $142,955,000 after acquiring an additional 565,561 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analysts Set New Price Targets

SNOW has been the subject of several research reports. Royal Bank Of Canada boosted their price target on shares of Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Barclays restated an "overweight" rating and issued a $219.00 price target (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. JMP Securities boosted their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Friday, July 18th. Hsbc Global Res downgraded shares of Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Finally, DA Davidson restated a "buy" rating and issued a $250.00 price target on shares of Snowflake in a research note on Wednesday, June 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Buying and Selling at Snowflake

In other news, Director Teresa Briggs sold 1,146 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. This represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $218.89, for a total transaction of $2,188,900.00. Following the transaction, the executive vice president directly owned 547,336 shares of the company's stock, valued at $119,806,377.04. This represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,697,855 shares of company stock valued at $586,415,198 over the last ninety days. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $205.07 on Friday. The company has a 50-day simple moving average of $213.88 and a 200-day simple moving average of $182.84. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. 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 $68.46 billion, a price-to-earnings ratio of -48.71 and a beta of 1.22.

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

About Snowflake

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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