APG Asset Management N.V. Sells 4,415 Shares of Snowflake Inc. $SNOW

Key Points

• APG Asset Management N.V. reduced its holdings in Snowflake Inc. by 2.3%, selling 4,415 shares to hold a total of 191,122 shares valued at approximately $25.86 million.
• Insider transactions included Snowflake's CFO selling 400,000 shares and a director selling 424,852 shares, leading to significant reductions in their ownership by 57.75% and 71.97%, respectively.
• Analyst upgrades have raised Snowflake's price targets, with Truist Financial increasing it from $210 to $235, while JMP Securities set a new target of $260, indicating strong market support despite some downgrades.

APG Asset Management N.V. decreased its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 191,122 shares of the company's stock after selling 4,415 shares during the quarter. APG Asset Management N.V. owned approximately 0.06% of Snowflake worth $25,860,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SNOW. Opal Wealth Advisors LLC bought a new position in Snowflake in the first quarter valued at about $26,000. CVA Family Office LLC lifted its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. West Paces Advisors Inc. bought a new position in Snowflake in the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake in the fourth quarter valued at about $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter worth about $31,000. Institutional investors own 65.10% of the company's stock.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,916,826 shares of company stock valued at $637,835,052. 6.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on SNOW shares. Truist Financial upped their price target on Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. JMP Securities upped their price target on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Friday, July 18th. Morgan Stanley started coverage on Snowflake in a research report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target for the company. Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Finally, Cowen restated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $230.22.

Snowflake Stock Performance

NYSE:SNOW opened at $196.7910 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The stock has a 50-day moving average price of $211.11 and a 200 day moving average price of $184.91. The stock has a market capitalization of $65.70 billion, a P/E ratio of -46.74 and a beta of 1.22.

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