BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $9.36 Million Stake in Snowflake Inc. $SNOW

Key Points

• British Columbia Investment Management Corp reduced its holdings in Snowflake Inc. by 3.8%, selling 2,546 shares and maintaining 64,046 shares worth approximately $9.36 million.
• Institutional investors collectively own 65.10% of Snowflake, with several firms increasing their stakes during the first quarter.
• Snowflake's stock has shown significant activity, with a target price of $230.22 from analysts, reflecting a consensus rating of "Moderate Buy".

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,046 shares of the company's stock after selling 2,546 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Snowflake were worth $9,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP lifted its position in shares of Snowflake by 9.8% during the 4th quarter. Quarry LP now owns 662 shares of the company's stock valued at $102,000 after acquiring an additional 59 shares during the last quarter. Ignite Planners LLC lifted its position in shares of Snowflake by 2.3% during the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after acquiring an additional 64 shares during the last quarter. Archford Capital Strategies LLC lifted its position in shares of Snowflake by 1.9% during the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after acquiring an additional 68 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of Snowflake by 8.9% during the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after acquiring an additional 68 shares during the last quarter. Finally, WD Rutherford LLC lifted its position in shares of Snowflake by 0.6% during the 1st quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock valued at $1,795,000 after acquiring an additional 79 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Up 20.2%

Shares of NYSE SNOW traded up $40.45 during mid-day trading on Thursday, reaching $240.84. The company had a trading volume of 42,113,858 shares, compared to its average volume of 5,299,928. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $249.99. 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 $80.41 billion, a PE ratio of -57.21 and a beta of 1.22. The stock's 50 day moving average is $210.30 and its 200-day moving average is $185.15.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SNOW shares. Rosenblatt Securities boosted their target price on shares of Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday. Wells Fargo & Company boosted their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday. Sanford C. Bernstein boosted their target price on shares of Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research note on Thursday. Needham & Company LLC boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Morgan Stanley boosted their target price on shares of Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research note on Thursday. 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the transaction, the director directly owned 37,796 shares of the company's stock, valued at approximately $7,988,184.60. This represents a 57.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the transaction, the director directly owned 165,507 shares in the company, valued at $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. Insiders sold 2,516,826 shares of company stock worth $555,691,052 over the last ninety days. 6.80% of the stock is currently owned by company insiders.

Snowflake 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.