Snowflake Inc. $SNOW Holdings Boosted by Federation des caisses Desjardins du Quebec

Key Points

• The Federation des caisses Desjardins du Quebec increased its holdings in Snowflake Inc. by 18.5%, now owning 31,572 shares valued at approximately $4.62 million.
• Significant insider selling occurred, with EVP Christian Kleinerman selling 10,000 shares for about $2.34 million, while total insider sales over the last 90 days reached $708.9 million.
• Analysts have raised their price targets for Snowflake, with most recent targets ranging from $221 to $260, reflecting strong market confidence.

Federation des caisses Desjardins du Quebec boosted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 18.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,572 shares of the company's stock after buying an additional 4,929 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in Snowflake were worth $4,615,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake during the 1st quarter worth $26,000. CVA Family Office LLC lifted its stake in shares of Snowflake by 80.0% during the 1st 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 period. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake during the 4th quarter worth $31,000. Capital A Wealth Management LLC purchased a new position in shares of Snowflake during the 4th quarter worth $31,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in shares of Snowflake during the 4th quarter worth $32,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Trading Up 1.6%

Shares of Snowflake stock traded up $3.57 during trading hours on Friday, hitting $225.47. 5,885,231 shares of the company's stock traded hands, compared to its average volume of 7,631,951. The stock has a 50 day simple moving average of $212.34 and a 200-day simple moving average of $187.29. 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 twelve month low of $107.13 and a twelve month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The company's revenue was up 31.8% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. As a group, research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 3,176,168 shares of company stock worth $708,898,070 over the last quarter. Company insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SNOW shares. KeyCorp increased their target price on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Raymond James Financial boosted their price objective on shares of Snowflake from $212.00 to $230.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Barclays raised their target price on shares of Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Mizuho upped their price target on shares of Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Finally, BTIG Research raised their price objective on Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $255.53.

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.