Snowflake Inc. $SNOW Shares Bought by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Snowflake Inc. by 21.3%, acquiring an additional 57,253 shares during the first quarter, bringing their total ownership to approximately 0.10% of the company with a value of $47.68 million.
• Multiple institutional investors raised their stakes in Snowflake during the same period, with the Vanguard Group increasing their ownership by 1.2% to nearly $3.97 billion worth of shares.
• Analysts have raised their price targets for Snowflake, with Oppenheimer increasing its target from $250 to $275 and Scotiabank raising theirs to $280, indicating a positive sentiment around the stock.

Canada Pension Plan Investment Board raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 326,224 shares of the company's stock after purchasing an additional 57,253 shares during the quarter. Canada Pension Plan Investment Board owned 0.10% of Snowflake worth $47,681,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SNOW. Nuveen LLC purchased a new stake in Snowflake during the 1st quarter valued at about $555,847,000. Price T Rowe Associates Inc. MD grew its stake in Snowflake by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after purchasing an additional 763,673 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Snowflake by 26.5% in the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after buying an additional 647,176 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in shares of Snowflake by 51.6% in the first quarter. 1832 Asset Management L.P. now owns 1,571,800 shares of the company's stock worth $229,734,000 after buying an additional 535,160 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of recent research reports. Monness Crespi & Hardt upped their target price on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Stephens initiated coverage on Snowflake in a research note on Friday, July 18th. They issued an "overweight" rating and a $261.00 target price on the stock. Evercore ISI upped their target price on Snowflake from $240.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Oppenheimer upped their target price on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Finally, Stifel Nicolaus upped their target price on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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 stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 3,216,909 shares of company stock valued at $717,287,181 in the last ninety days. Corporate insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock traded down $5.04 during mid-day trading on Tuesday, reaching $233.62. 7,212,112 shares of the stock traded hands, compared to its average volume of 6,862,595. The business has a 50-day moving average of $212.12 and a 200 day moving average of $186.53. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $249.99. The stock has a market capitalization of $78.00 billion, a PE ratio of -56.29 and a beta of 1.22. 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 announced its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The business's revenue 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. On average, analysts predict that Snowflake Inc. will post -2.36 EPS 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.