Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 7,100 Shares of Snowflake Inc. $SNOW

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund has reduced its stake in Snowflake Inc. by 10.5%, now holding 60,200 shares valued at approximately $8.8 million.
• In a notable insider transaction, CFO Michael Scarpelli sold 400,000 shares for over $82 million, resulting in a 57.75% decrease in his ownership position.
• Several institutions have recently increased their stakes in Snowflake, indicating continued interest among investors, with hedge funds owning 65.10% of the company's stock.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 10.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,200 shares of the company's stock after selling 7,100 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Snowflake were worth $8,799,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management UK Ltd. acquired a new position in shares of Snowflake in the first quarter valued at $1,608,000. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Snowflake by 1.8% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,688 shares of the company's stock valued at $1,416,000 after purchasing an additional 172 shares in the last quarter. Triglav Skladi D.O.O. acquired a new position in shares of Snowflake in the first quarter valued at $658,000. S Bank Fund Management Ltd acquired a new position in shares of Snowflake in the first quarter valued at $101,000. Finally, Prudential PLC grew its position in Snowflake by 145.1% in the first quarter. Prudential PLC now owns 42,725 shares of the company's stock valued at $6,245,000 after acquiring an additional 25,296 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,014,642 shares of company stock valued at $657,325,186. 6.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SNOW shares. Monness Crespi & Hardt upped their price target on Snowflake from $230.00 to $245.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Mizuho increased their target price on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Barclays reaffirmed an "overweight" rating and set a $219.00 price target (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Bank of America increased their target price on Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Finally, Robert W. Baird increased their target price on Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $226.32.

Snowflake Price Performance

Shares of SNOW traded down $5.3950 during midday trading on Tuesday, hitting $192.8450. The company's stock had a trading volume of 2,185,234 shares, compared to its average volume of 5,021,716. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The company's fifty day simple moving average is $212.25 and its two-hundred day simple moving average is $184.68. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $64.38 billion, a price-to-earnings ratio of -45.79 and a beta of 1.22.

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