Baillie Gifford & Co. Raises Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Baillie Gifford & Co. increased its stake in Snowflake Inc. by 8.2% by purchasing 222,920 shares, owning approximately 0.89% of the company, valued at $428 million as of the latest reporting period.
• Several hedge funds, including Brighton Jones LLC and Zions Bancorporation N.A., have also significantly increased their positions in Snowflake during the 4th quarter, indicating strong institutional interest.
• Snowflake's stock has received a consensus rating of "Moderate Buy" with a price target averaging around $226.73, while the company reported a 25.8% year-over-year increase in revenue to $1.04 billion.

Baillie Gifford & Co. raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 8.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,928,696 shares of the company's stock after acquiring an additional 222,920 shares during the period. Baillie Gifford & Co. owned approximately 0.89% of Snowflake worth $428,058,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SNOW. ORG Wealth Partners LLC acquired a new position in Snowflake in the 1st quarter valued at $898,000. SBI Securities Co. Ltd. raised its stake in Snowflake by 9.4% in the first quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company's stock valued at $8,856,000 after purchasing an additional 5,197 shares in the last quarter. Deutsche Bank AG lifted its position in Snowflake by 26.0% during the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock worth $142,513,000 after purchasing an additional 190,583 shares during the period. Artemis Investment Management LLP acquired a new stake in Snowflake during the first quarter worth about $9,090,000. Finally, Ardmore Road Asset Management LP bought a new position in Snowflake in the 4th quarter valued at about $18,529,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock traded down $0.77 during trading on Monday, hitting $218.74. The stock had a trading volume of 2,699,847 shares, compared to its average volume of 5,098,174. The business's 50-day moving average is $211.09 and its 200 day moving average is $181.09. The firm has a market cap of $73.03 billion, a price-to-earnings ratio of -51.96 and a beta of 1.22. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $226.60. 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 (NYSE:SNOW - Get Free Report) last released 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 return on equity of 37.75% and a negative net margin of 36.43%. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The firm's revenue was up 25.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company reissued an "overweight" rating and issued a $250.00 price objective (up from $225.00) on shares of Snowflake in a research note on Friday, June 13th. KeyCorp restated an "overweight" rating on shares of Snowflake in a research report on Wednesday, June 25th. Raymond James Financial reissued an "outperform" rating and set a $212.00 target price (up previously from $196.00) on shares of Snowflake in a research note on Thursday, May 22nd. Monness Crespi & Hardt raised their price target on shares of Snowflake from $230.00 to $245.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and an average target price of $226.73.

Insider Transactions at Snowflake

In other Snowflake news, Director Teresa Briggs sold 1,146 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total transaction of $249,530.04. Following the completion of the sale, the director owned 4,474 shares of the company's stock, valued at $974,168.76. This represents a 20.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total value 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. The trade was a 1.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,708,258 shares of company stock worth $588,162,906 in the last three months. Corporate insiders own 6.80% of the company's stock.

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.