Independence Bank of Kentucky Has $2 Million Position in Snowflake Inc. $SNOW

Key Points

• Independence Bank of Kentucky increased its Snowflake stake by 76.9% in the first quarter, ending with 13,291 shares valued at about $2.0 million.
• Snowflake reported better-than-expected quarterly results, posting EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion, up 33.5% year over year.
• Analysts remain broadly positive on the stock, with multiple firms raising price targets and the consensus rating sitting at Moderate Buy with a target price of $293.53.

Independence Bank of Kentucky boosted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 76.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,291 shares of the company's stock after purchasing an additional 5,776 shares during the period. Independence Bank of Kentucky's holdings in Snowflake were worth $2,005,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after acquiring an additional 1,448,094 shares in the last quarter. Jennison Associates LLC increased its position in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the last quarter. Nuveen LLC raised its stake in shares of Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock worth $1,157,749,000 after purchasing an additional 116,521 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock valued at $1,052,195,000 after buying an additional 249,668 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Snowflake during the 4th quarter valued at about $974,091,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW traded down $5.92 during mid-day trading on Friday, hitting $261.56. 4,139,738 shares of the company's stock traded hands, compared to its average volume of 6,159,552. The firm has a market capitalization of $90.66 billion, a price-to-earnings ratio of -74.31 and a beta of 1.35. The firm has a 50 day moving average of $214.78 and a two-hundred day moving average of $191.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business posted $0.24 EPS. The company's revenue for the quarter was up 33.5% on a year-over-year basis. On average, equities analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNOW. Stifel Nicolaus increased their price objective on Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. BTIG Research boosted their target price on shares of Snowflake from $280.00 to $325.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Benchmark increased their price target on shares of Snowflake from $200.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Evercore set a $200.00 price target on shares of Snowflake in a report on Tuesday, April 14th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $275.00 price objective on shares of Snowflake in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus target price of $293.53.

Insider Activity at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the transaction, the director owned 28,556 shares in the company, valued at approximately $4,043,529.60. The trade was a 63.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares of the company's stock, valued at $9,603,951.78. This represents a 91.99% decrease in their position. 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 sold a total of 1,802,015 shares of company stock worth $421,739,629 in the last ninety days. 4.80% of the stock is currently owned by insiders.

Snowflake Company Profile

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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