iA Global Asset Management Inc. Sells 12,520 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• iA Global Asset Management Inc. sold 12,520 shares of Snowflake Inc., reducing its stake by 27.7%, leaving it with 32,650 shares valued at approximately $4.77 million.
• Multiple hedge funds increased or established new positions in Snowflake, with institutional investors now holding 65.10% of the stock.
• Snowflake reported a quarterly earnings beat with revenue of $1.04 billion, marking a 25.8% increase from the previous year, despite a negative net margin of 36.43%.

iA Global Asset Management Inc. reduced its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 27.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,650 shares of the company's stock after selling 12,520 shares during the period. iA Global Asset Management Inc.'s holdings in Snowflake were worth $4,772,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in Snowflake during the 1st quarter worth $26,000. CVA Family Office LLC raised its stake in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in Snowflake during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC bought a new position in Snowflake in the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of Snowflake during the 4th quarter worth approximately $31,000. 65.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus boosted their price objective on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Monness Crespi & Hardt boosted their price objective on Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. DA Davidson restated a "buy" rating and set a $250.00 price objective on shares of Snowflake in a report on Wednesday, June 4th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Cowen reiterated a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $226.73.

Snowflake Stock Performance

Shares of SNOW opened at $205.74 on Wednesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a 50-day moving average of $214.04 and a 200-day moving average of $183.36. The company has a market cap of $68.69 billion, a PE ratio of -48.87 and a beta of 1.22. 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 quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the firm earned $0.14 EPS. The firm's revenue for the quarter was up 25.8% compared to the same quarter last year. On average, equities research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity

In related news, Director Frank Slootman sold 424,852 shares of the firm'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 transaction, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were 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 directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,014,642 shares of company stock worth $657,325,186. 6.80% of the stock is owned by insiders.

Snowflake 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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