KBC Group NV Cuts Stake in Snowflake Inc. $SNOW

Key Points

• KBC Group NV cut its Snowflake stake by 75.9% in the first quarter, selling 299,746 shares and leaving it with 95,285 shares valued at about $14.4 million.
• Several other institutional investors adjusted positions in Snowflake, and institutional ownership remains high at 65.1% of the company’s stock.
• Analysts remain broadly positive on SNOW after strong earnings, with Snowflake beating quarterly EPS and revenue estimates; the stock has a Moderate Buy consensus and an average price target of $296.27.

KBC Group NV cut its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 75.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,285 shares of the company's stock after selling 299,746 shares during the quarter. KBC Group NV's holdings in Snowflake were worth $14,371,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. SEB Asset Management AB bought a new position in shares of Snowflake in the first quarter worth approximately $11,513,000. Swiss National Bank raised its holdings in Snowflake by 7.1% in the 1st quarter. Swiss National Bank now owns 944,600 shares of the company's stock worth $142,465,000 after acquiring an additional 62,600 shares during the last quarter. Mediolanum International Funds Ltd purchased a new position in Snowflake in the 1st quarter worth approximately $667,000. Spartan Wealth Advisory Services LLC bought a new position in Snowflake in the 1st quarter valued at approximately $385,000. Finally, Quadrant Private Wealth Management LLC boosted its stake in Snowflake by 0.3% during the 1st quarter. Quadrant Private Wealth Management LLC now owns 59,168 shares of the company's stock valued at $8,924,000 after purchasing an additional 178 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $141.60, for a total value of $7,127,860.80. Following the transaction, the director directly owned 28,556 shares in the company, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the transaction, the director owned 8,801 shares in the company, valued at $2,200,250. This represents a 91.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,802,015 shares of company stock valued at $421,739,629. 4.80% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SNOW shares. Mizuho boosted their price target on Snowflake from $220.00 to $295.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Citigroup increased their price objective on Snowflake from $260.00 to $320.00 and gave the company a "buy" rating in a research report on Friday, May 29th. Bank of America boosted their target price on Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Weiss Ratings cut shares of Snowflake from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Finally, Oppenheimer raised their price target on shares of Snowflake from $250.00 to $295.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and a consensus target price of $296.27.

Snowflake Stock Down 1.2%

SNOW stock opened at $270.92 on Wednesday. The company has a market cap of $93.90 billion, a price-to-earnings ratio of -76.97 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The business's 50-day moving average is $232.28 and its two-hundred day moving average is $194.18. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99.

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

Snowflake 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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