Snowflake Inc. (NYSE:SNOW) Shares Purchased by Invesco Ltd.

Key Points

• Invesco Ltd. increased its holdings in Snowflake Inc. by 26.5%, acquiring an additional 647,176 shares, bringing its total to approximately 3.08 million shares worth $451.38 million.
• Insider trading activity saw significant sales, including Director Frank Slootman selling 424,852 shares, and CFO Michael Scarpelli selling 400,000 shares, leading to notable decreases in their respective holdings.
• Snowflake's stock has seen a recent decline of 7.0%, with the company's market cap at $64.08 billion and a negative net margin of 36.43% despite a year-over-year revenue growth of 25.8% in its latest quarter.

Invesco Ltd. raised its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 26.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,088,288 shares of the company's stock after purchasing an additional 647,176 shares during the period. Invesco Ltd. owned 0.94% of Snowflake worth $451,384,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake in the first quarter valued at $26,000. CVA Family Office LLC boosted its holdings in Snowflake by 80.0% in the first 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 last quarter. West Paces Advisors Inc. purchased a new stake in Snowflake in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new stake in Snowflake in the fourth quarter valued at $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter valued at $31,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Up 0.6%

Snowflake stock traded up $1.12 during trading on Tuesday, hitting $192.92. The company had a trading volume of 3,942,217 shares, compared to its average volume of 3,888,328. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27. 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 company's 50 day simple moving average is $213.29 and its 200-day simple moving average is $184.22. The stock has a market cap of $64.41 billion, a price-to-earnings ratio of -45.82 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping the consensus estimate 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 company's quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. As a group, analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on SNOW shares. Morgan Stanley started coverage on shares of Snowflake in a report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target on the stock. Piper Sandler reissued an "overweight" rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Monness Crespi & Hardt increased their target price on shares of Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Truist Financial increased their target price 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, UBS Group raised shares of Snowflake from a "neutral" rating to a "buy" rating and increased their target price for the stock from $210.00 to $265.00 in a research note on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and an average target price of $226.73.

Insider Buying and Selling at Snowflake

In other Snowflake news, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer owned 292,610 shares in the company, valued at $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 3,014,642 shares of company stock valued at $657,325,186. Insiders own 6.80% of the company's stock.

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.