Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Position in Snowflake Inc. $SNOW

Key Points

• Fjarde AP Fonden boosted its Snowflake stake by 43.4% in the first quarter, buying an additional 29,900 shares and bringing its total to 98,800 shares worth about $14.9 million.
• Several other institutional investors also increased holdings, and institutions now own 65.1% of Snowflake’s stock, indicating strong professional investor interest.
• Snowflake reported quarterly EPS of $0.39, beating estimates, while revenue rose 33.5% year over year to $1.39 billion; analysts remain broadly positive with a consensus rating of Moderate Buy and an average target price of $293.53.

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 43.4% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 98,800 shares of the company's stock after buying an additional 29,900 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Snowflake were worth $14,901,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after acquiring an additional 29,320 shares during the period. Intech Investment Management LLC lifted its position in Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock valued at $1,637,000 after purchasing an additional 2,167 shares during the period. Geneos Wealth Management Inc. lifted its position in Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC bought a new position in Snowflake during the second quarter valued at approximately $221,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Snowflake by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock worth $5,055,000 after purchasing an additional 1,521 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 99,900 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $251.73, for a total transaction of $25,147,827.00. Following the completion of the sale, the director owned 28,535 shares of the company's stock, valued at approximately $7,183,115.55. The trade was a 77.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $232.25, for a total value of $431,985.00. Following the sale, the chief accounting officer directly owned 41,283 shares of the company's stock, valued at $9,587,976.75. This represents a 4.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,798,828 shares of company stock worth $415,351,838 over the last three months. 4.80% of the stock is currently owned by insiders.

Snowflake Stock Down 0.2%

Shares of SNOW stock opened at $259.67 on Friday. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The stock has a market cap of $90.00 billion, a P/E ratio of -73.77 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The company has a 50 day simple moving average of $202.78 and a two-hundred day simple moving average of $190.46.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm earned $0.24 earnings per share. The company's quarterly revenue was up 33.5% on a year-over-year basis. On average, research analysts expect that Snowflake Inc. will post -1.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SNOW shares. DA Davidson lifted their target price on shares of Snowflake from $250.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Loop Capital increased their price target on Snowflake from $290.00 to $320.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Monness Crespi & Hardt raised their price target on Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Barclays raised their price target on Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 4th. Finally, Mizuho lifted their price objective on Snowflake from $220.00 to $295.00 and gave the stock an "outperform" rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average target price of $293.53.

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.

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