Harel Insurance Investments & Financial Services Ltd. Purchases 509,230 Shares of Snowflake Inc. $SNOW

Key Points

• Harel Insurance Investments increased its Snowflake stake by 76.9% in Q1, buying 509,230 additional shares and bringing its total to 1,171,833 shares valued at about $176.7 million.
• Snowflake reported strong quarterly results, with EPS of $0.39 versus estimates of $0.32 and revenue of $1.39 billion, up 33.5% year over year.
• Wall Street remains bullish on Snowflake, with multiple firms raising price targets and analysts assigning a consensus “Moderate Buy” rating with an average target price of $293.53.

Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 76.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,171,833 shares of the company's stock after acquiring an additional 509,230 shares during the period. Snowflake accounts for 1.2% of Harel Insurance Investments & Financial Services Ltd.'s investment portfolio, making the stock its 28th biggest holding. Harel Insurance Investments & Financial Services Ltd. owned approximately 0.34% of Snowflake worth $176,736,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Snowflake by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares during the period. Jennison Associates LLC grew its holdings in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the last quarter. Nuveen LLC grew its holdings in Snowflake by 2.3% in the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock valued at $1,157,749,000 after buying an additional 116,521 shares during the last quarter. Geode Capital Management LLC increased its position in Snowflake by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock worth $1,052,195,000 after buying an additional 249,668 shares during the period. Finally, Norges Bank bought a new position in Snowflake in the 4th quarter worth approximately $974,091,000. 65.10% of the stock is currently owned by institutional investors.

Snowflake Price Performance

Snowflake stock opened at $276.21 on Wednesday. The business has a 50 day simple moving average of $220.12 and a 200 day simple moving average of $192.44. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $95.73 billion, a PE ratio of -78.47 and a beta of 1.35. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the prior year, the business posted $0.24 earnings per share. The business's revenue was up 33.5% compared to the same quarter last year. On average, sell-side analysts forecast that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Analysts Set New Price Targets

SNOW has been the subject of several research reports. Stifel Nicolaus increased their price objective on Snowflake from $205.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Wells Fargo & Company boosted their target price on shares of Snowflake from $210.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. DA Davidson upped their target price on shares of Snowflake from $250.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Monness Crespi & Hardt increased their price target on shares of Snowflake from $282.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $275.00 price target on shares of Snowflake 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 given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $293.53.

Insider Buying and Selling

In related news, Director Frank Slootman sold 99,900 shares of the stock in a transaction dated Monday, June 29th. The shares were 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 in the company, valued at $7,183,115.55. This trade represents a 77.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 343 shares of Snowflake stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $255.11, for a total transaction of $87,502.73. Following the transaction, the director directly owned 5,060 shares of the company's stock, valued at $1,290,856.60. This represents a 6.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,802,015 shares of company stock worth $421,739,629 in the last three months. Company insiders own 4.80% of the company's stock.

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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