Connor Clark & Lunn Investment Management Ltd. Has $2.68 Million Stock Position in Snowflake Inc. (NYSE:SNOW)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 85.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,362 shares of the company's stock after selling 105,816 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Snowflake were worth $2,684,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake in the first quarter worth $26,000. CVA Family Office LLC grew its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. West Paces Advisors Inc. bought a new stake in shares of Snowflake in the fourth quarter worth $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake in the fourth quarter worth $31,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Snowflake in the fourth quarter worth $31,000. Institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SNOW shares. Robert W. Baird boosted their target price on shares of Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. Raymond James Financial restated an "outperform" rating and issued a $212.00 target price (up previously from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Citigroup restated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Piper Sandler restated 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. Finally, Truist Financial boosted their target price on shares of Snowflake from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $226.32.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the firm'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 transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,014,642 shares of company stock valued at $657,325,186 over the last three months. Insiders own 6.80% of the company's stock.

Snowflake Stock Down 0.9%

Snowflake stock opened at $195.02 on Friday. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The firm has a 50 day moving average price of $212.74 and a 200-day moving average price of $184.44. The company has a market capitalization of $65.11 billion, a P/E ratio of -46.32 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 released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm earned $0.14 EPS. The company's revenue was up 25.8% compared to the same quarter last year. As a group, equities analysts predict that Snowflake Inc. will post -2.36 EPS 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.

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