Carmignac Gestion Makes New $219,000 Investment in Snowflake Inc. $SNOW

Key Points

• Carmignac Gestion has made a new investment of approximately $219,000 in Snowflake Inc., acquiring 1,500 shares during the first quarter.
• Several large institutional investors have significantly increased their stakes in Snowflake, with Nuveen LLC purchasing a stake valued at about $555 million in the same period.
• Snowflake's shares are currently rated as a Moderate Buy with an average target price of $226.32, reflecting positive outlooks from multiple analysts.

Carmignac Gestion acquired a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,500 shares of the company's stock, valued at approximately $219,000.

A number of other large investors have also added to or reduced their stakes in SNOW. Nuveen LLC bought a new stake in Snowflake in the 1st quarter worth approximately $555,847,000. Price T Rowe Associates Inc. MD increased its stake in Snowflake by 124.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after acquiring an additional 2,200,406 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after acquiring an additional 650,775 shares during the last quarter. Invesco Ltd. increased its stake in Snowflake by 26.5% in the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after acquiring an additional 647,176 shares during the last quarter. Finally, Voya Investment Management LLC increased its stake in Snowflake by 157.0% in the 4th quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock worth $142,955,000 after acquiring an additional 565,561 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SNOW shares. JMP Securities lifted their price objective on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Friday, July 18th. 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. Piper Sandler reiterated an "overweight" rating and issued a $215.00 target price (up previously from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Cantor Fitzgerald lifted their target price on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada lifted their target price on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.32.

Snowflake Stock Performance

Shares of Snowflake stock opened at $192.5340 on Wednesday. The stock's fifty day moving average is $211.94 and its two-hundred day moving average is $184.73. The company has a market capitalization of $64.28 billion, a PE ratio of -45.73 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 Inc. has a 52 week low of $107.13 and a 52 week high of $229.27.

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

Insider Buying and Selling at Snowflake

In other Snowflake news, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction 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 completion of the transaction, the director directly owned 165,507 shares in the company, valued at $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,014,642 shares of company stock worth $657,325,186 in the last ninety days. 6.80% of the stock is currently owned by corporate insiders.

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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