CI Investments Inc. Purchases 185,261 Shares of Snowflake Inc. $SNOW

Key Points

• CI Investments Inc. increased its Snowflake stake by 34.6% in the first quarter, buying 185,261 additional shares and bringing its total to 720,810 shares valued at about $108.7 million.
• Insider selling was significant: directors Frank Slootman and Michael L. Speiser sold large blocks of stock, and insiders have sold 1.8 million shares worth roughly $421.7 million over the past 90 days.
• Analysts remain constructive on Snowflake, with 34 Buy ratings and an average “Moderate Buy” rating; the consensus price target is $296.27, while the stock recently traded at $270.92 after a strong earnings beat and 33.5% revenue growth.

CI Investments Inc. grew its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 34.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 720,810 shares of the company's stock after acquiring an additional 185,261 shares during the quarter. CI Investments Inc. owned 0.21% of Snowflake worth $108,713,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Kemnay Advisory Services Inc. acquired a new stake in shares of Snowflake during the fourth quarter worth $28,000. Greenline Wealth Management LLC acquired a new position in Snowflake in the 4th quarter worth $29,000. Physician Wealth Advisors Inc. increased its holdings in Snowflake by 56.0% during the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after purchasing an additional 51 shares in the last quarter. MV Capital Management Inc. bought a new position in Snowflake during the 4th quarter worth about $32,000. Finally, HHM Wealth Advisors LLC raised its stake in shares of Snowflake by 50.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 150 shares of the company's stock valued at $33,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Activity

In related news, Director Frank Slootman sold 437,076 shares of Snowflake stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the sale, the director owned 38,046 shares of the company's stock, valued at approximately $9,603,951.78. The trade was a 91.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the transaction, the director owned 28,556 shares in the company, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,802,015 shares of company stock valued at $421,739,629 over the last ninety days. 4.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SNOW has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft upped their price objective on Snowflake from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Monness Crespi & Hardt upped their price target on Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Cantor Fitzgerald lifted their price objective on shares of Snowflake from $225.00 to $282.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Raymond James Financial reissued an "outperform" rating and issued a $275.00 price objective on shares of Snowflake in a research report on Thursday, May 28th. Finally, Jefferies Financial Group raised their target price on shares of Snowflake from $300.00 to $310.00 and gave the company a "buy" rating in a research report on Monday. Thirty-four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $296.27.

Snowflake Price Performance

Shares of NYSE SNOW opened at $270.92 on Wednesday. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The company has a market cap of $93.90 billion, a PE ratio of -76.97 and a beta of 1.35. The business's 50 day moving average price is $232.28 and its two-hundred day moving average price is $194.18. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm earned $0.24 EPS. The firm's revenue was up 33.5% compared to the same quarter last year. On average, analysts predict that Snowflake Inc. will post -1.84 EPS for the current year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.