Gulf International Bank UK Ltd Cuts Stock Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Snowflake Inc. by 24.7% in the first quarter, resulting in ownership of 17,510 shares valued at approximately $2.56 million.
• Notable insider sales include Director Frank Slootman selling 424,852 shares for over $93 million and CFO Michael Scarpelli selling 400,000 shares for approximately $82 million, reflecting significant decreases in their overall ownership.
• Recent analyst activity shows a majority rating of "buy" for Snowflake, with new price targets set, including a high of $245.00 from Loop Capital.

Gulf International Bank UK Ltd cut its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 24.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,510 shares of the company's stock after selling 5,755 shares during the quarter. Gulf International Bank UK Ltd's holdings in Snowflake were worth $2,559,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Prudential PLC grew its holdings in shares of 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 purchasing an additional 25,296 shares in the last quarter. Resona Asset Management Co. Ltd. grew its holdings in shares of Snowflake by 6.5% in the first quarter. Resona Asset Management Co. Ltd. now owns 89,849 shares of the company's stock valued at $13,183,000 after purchasing an additional 5,497 shares in the last quarter. Rathbones Group PLC purchased a new position in Snowflake during the first quarter worth $291,000. Westpac Banking Corp boosted its stake in Snowflake by 177.0% during the first quarter. Westpac Banking Corp now owns 11,719 shares of the company's stock worth $1,713,000 after buying an additional 7,489 shares during the period. Finally, Callan Family Office LLC purchased a new position in Snowflake during the first quarter worth $637,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,014,642 shares of company stock valued at $657,325,186 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNOW has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 price objective on shares of Snowflake in a research note on Thursday, June 5th. Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Scotiabank reaffirmed an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Truist Financial lifted their price objective on shares of Snowflake from $210.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Loop Capital lifted their price objective on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $226.32.

Snowflake Stock Performance

Shares of Snowflake stock opened at $196.91 on Thursday. The company has a market capitalization of $65.74 billion, a PE ratio of -46.77 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The company has a 50-day simple moving average of $213.04 and a two-hundred day simple moving average of $184.30. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27.

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

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