IFM Investors Pty Ltd Increases Position in Snowflake Inc. (NYSE:SNOW)

IFM Investors Pty Ltd lifted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,081 shares of the company's stock after acquiring an additional 5,335 shares during the quarter. IFM Investors Pty Ltd's holdings in Snowflake were worth $8,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SNOW. Opal Wealth Advisors LLC bought a new stake in Snowflake in the first quarter worth approximately $26,000. CVA Family Office LLC increased its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. bought a new stake in Snowflake in the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. Finally, Capital A Wealth Management LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $31,000. 65.10% of the stock is currently owned by institutional investors.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 294,125 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $217.29, for a total transaction of $63,910,421.25. Following the sale, the director directly owned 165,507 shares of the company's stock, valued at $35,963,016.03. The trade was a 63.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeremy Burton sold 19,111 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $220.80, for a total value of $4,219,708.80. Following the transaction, the director owned 3,987 shares of the company's stock, valued at $880,329.60. This trade represents a 82.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,876,557 shares of company stock valued at $403,565,119 over the last ninety days. 6.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SNOW. Loop Capital lifted their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Oppenheimer reaffirmed an "outperform" rating on shares of Snowflake in a research report on Tuesday, June 24th. Cantor Fitzgerald boosted their price objective on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. UBS Group raised Snowflake from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $210.00 to $265.00 in a research report on Wednesday, June 4th. Finally, CICC Research initiated coverage on shares of Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $225.36.

Snowflake Stock Performance

NYSE SNOW traded up $0.67 on Monday, hitting $222.16. 659,151 shares of the company traded hands, compared to its average volume of 6,035,287. The company has a market capitalization of $74.17 billion, a price-to-earnings ratio of -52.87 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The business's 50 day moving average price is $197.86 and its 200-day moving average price is $175.27. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $225.68.

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

About Snowflake

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.