Amundi Acquires 760,923 Shares of Snowflake Inc. $SNOW

Key Points

• Amundi increased its stake in Snowflake Inc. ($SNOW) by 72.7% during the first quarter, owning a total of 1,808,250 shares worth $252,974,000.
• Multiple hedge funds adjusted their positions in Snowflake, with significant increases from organizations like Federation des caisses Desjardins du Quebec and Maverick Capital, indicating strong institutional interest in the company.
• Snowflake has received mixed ratings from analysts, with two analysts giving a Strong Buy, while HSBC downgraded its rating from "hold" to "sell"; however, the consensus price target remains optimistic at $255.53.

Amundi raised its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 72.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,808,250 shares of the company's stock after purchasing an additional 760,923 shares during the period. Amundi owned 0.55% of Snowflake worth $252,974,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Ignite Planners LLC boosted its stake in Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock worth $418,000 after acquiring an additional 64 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in Snowflake by 1.9% during the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock worth $527,000 after acquiring an additional 68 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in Snowflake by 8.9% during the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock worth $122,000 after acquiring an additional 68 shares in the last quarter. WD Rutherford LLC boosted its holdings in Snowflake by 0.6% in the first quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock worth $1,795,000 after acquiring an additional 79 shares in the last quarter. Finally, Alta Wealth Advisors LLC grew its stake in shares of Snowflake by 2.8% in the first quarter. Alta Wealth Advisors LLC now owns 2,918 shares of the company's stock worth $426,000 after acquiring an additional 80 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Stifel Nicolaus raised their price target on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Guggenheim restated a "neutral" rating on shares of Snowflake in a research note on Thursday, August 28th. Wedbush lifted their target price on shares of Snowflake from $230.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Jefferies Financial Group upped their target price on shares of Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Raymond James Financial raised their price target on shares of Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 710,083 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 3,176,168 shares of company stock worth $708,898,070 in the last 90 days. 6.80% of the stock is owned by corporate insiders.

Snowflake Stock Up 1.6%

Snowflake stock traded up $3.57 during midday trading on Friday, reaching $225.47. 5,885,231 shares of the company traded hands, compared to its average volume of 7,631,951. The business has a 50 day moving average of $212.34 and a two-hundred day moving average of $187.29. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $249.99. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. The firm's revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 earnings per share. Analysts anticipate that Snowflake Inc. will post -2.36 earnings per share 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.