Banque Cantonale Vaudoise Invests $835,000 in Snowflake Inc. (NYSE:SNOW)

Key Points

• Banque Cantonale Vaudoise has invested approximately $835,000 in Snowflake Inc. by purchasing 5,719 shares during the first quarter.
• Analysts have raised their price targets for Snowflake, with Mizuho setting the target at $235.00 and Morgan Stanley at $262.00, reflecting a consensus average price target of $226.73.
• Insider trading activity shows significant sales, including Director Frank Slootman, who sold 424,852 shares valued at over $93 million, reducing his ownership by nearly 72%.

Banque Cantonale Vaudoise bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,719 shares of the company's stock, valued at approximately $835,000.

A number of other hedge funds have also modified their holdings of SNOW. Opal Wealth Advisors LLC purchased a new position in Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC grew its position in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the last quarter. West Paces Advisors Inc. purchased a new position in Snowflake in the 4th quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new position in Snowflake in the 4th quarter valued at $31,000. Finally, Capital A Wealth Management LLC purchased a new position in Snowflake in the 4th quarter valued at $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SNOW shares. Bank of America lifted their price objective on shares of Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Macquarie raised their target price on Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Mizuho raised their target price on Snowflake from $215.00 to $235.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Morgan Stanley began coverage on Snowflake in a report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 target price for the company. 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 stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $226.73.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the director owned 165,507 shares in the company, valued at $36,303,960.45. This represents a 71.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Garrett sold 67,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the transaction, the director owned 7,428 shares of the company's stock, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,697,855 shares of company stock worth $586,415,198 in the last 90 days. 6.80% of the stock is owned by company insiders.

Snowflake Stock Up 1.6%

SNOW opened at $223.83 on Friday. The firm has a 50 day moving average price of $213.78 and a 200 day moving average price of $182.43. The company has a market cap of $74.73 billion, a PE ratio of -53.17 and a beta of 1.22. Snowflake Inc. has a 1 year low of $107.13 and a 1 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.

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

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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.