KBC Group NV Grows Stake in Snowflake Inc. (NYSE:SNOW)

KBC Group NV raised its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 48.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,378 shares of the company's stock after buying an additional 19,374 shares during the period. KBC Group NV's holdings in Snowflake were worth $8,678,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Journey Beyond Wealth LLC acquired a new stake in shares of Snowflake in the first quarter valued at $421,000. Westend Capital Management LLC increased its holdings in Snowflake by 1.6% during the 1st quarter. Westend Capital Management LLC now owns 69,404 shares of the company's stock worth $10,144,000 after purchasing an additional 1,080 shares during the period. Bordeaux Wealth Advisors LLC boosted its stake in shares of Snowflake by 6.2% in the 1st quarter. Bordeaux Wealth Advisors LLC now owns 3,071 shares of the company's stock valued at $449,000 after buying an additional 178 shares during the period. Artemis Investment Management LLP purchased a new position in shares of Snowflake in the 1st quarter valued at about $9,090,000. Finally, Diversified Trust Co grew its position in shares of Snowflake by 13.9% during the first quarter. Diversified Trust Co now owns 5,589 shares of the company's stock worth $817,000 after buying an additional 683 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Activity

In other news, Director Jeremy Burton sold 20,789 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $200.00, for a total value of $4,157,800.00. Following the completion of the transaction, the director owned 7,428 shares in the company, valued at $1,485,600. This trade represents a 73.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the sale, the director directly owned 7,428 shares in the company, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,876,960 shares of company stock valued at $403,617,206 over the last three months. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Performance

Shares of Snowflake stock traded up $3.79 on Thursday, reaching $221.13. 2,761,777 shares of the stock were exchanged, compared to its average volume of 6,054,199. The firm has a market capitalization of $73.83 billion, a PE ratio of -52.52 and a beta of 1.22. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $225.68. The business has a fifty day moving average price of $195.35 and a two-hundred day moving average price of $174.42. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm's quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. As a group, research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SNOW shares. Stifel Nicolaus raised their target price on shares of Snowflake from $210.00 to $220.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Piper Sandler reissued an "overweight" rating and issued a $215.00 price objective (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. JPMorgan Chase & Co. lifted their price objective on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. Citigroup reiterated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Hsbc Global Res lowered Snowflake from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $225.36.

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.