Korea Investment CORP Cuts Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Korea Investment CORP cut its Snowflake stake by 8.2% in the fourth quarter, selling 38,293 shares. It still held 426,073 shares worth about $93.5 million at the end of the period.
• Snowflake’s latest quarterly results beat expectations, with EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion versus $1.32 billion estimated. Revenue rose 33.5% year over year, though the company remained unprofitable.
• Several analysts turned more bullish, with firms like Bank of America, Wells Fargo, Morgan Stanley and Truist raising price targets to as high as $320. The consensus rating is now Moderate Buy with a target price of $291.77.

Korea Investment CORP lowered its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 426,073 shares of the company's stock after selling 38,293 shares during the period. Korea Investment CORP owned approximately 0.12% of Snowflake worth $93,463,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SNOW. GoalVest Advisory LLC increased its position in shares of Snowflake by 221.4% in the fourth quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock worth $30,000 after acquiring an additional 93 shares in the last quarter. Physician Wealth Advisors Inc. increased its position in shares of Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after acquiring an additional 51 shares in the last quarter. HHM Wealth Advisors LLC increased its position in shares of Snowflake by 50.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company's stock worth $33,000 after acquiring an additional 50 shares in the last quarter. Ameriflex Group Inc. increased its position in shares of Snowflake by 252.2% in the third quarter. Ameriflex Group Inc. now owns 162 shares of the company's stock worth $37,000 after acquiring an additional 116 shares in the last quarter. Finally, JPL Wealth Management LLC acquired a new stake in shares of Snowflake in the third quarter worth $39,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

SNOW opened at $232.38 on Friday. The company has a fifty day simple moving average of $173.64 and a 200 day simple moving average of $190.21. The firm has a market cap of $80.54 billion, a price-to-earnings ratio of -66.02 and a beta of 1.35. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. 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 (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business's revenue was up 33.5% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. Equities research analysts expect that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Insider Activity

In related news, Director Mark Garrett sold 100,000 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the completion of the sale, the director directly owned 8,801 shares of the company's stock, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Slootman sold 162,924 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $263.70, for a total transaction of $42,963,058.80. Following the sale, the director directly owned 38,046 shares of the company's stock, valued at approximately $10,032,730.20. The trade was a 81.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,589,550 shares of company stock valued at $359,438,410 in the last 90 days. Company insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Snowflake from $205.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Wells Fargo & Company increased their price objective on shares of Snowflake from $210.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. Morgan Stanley increased their price objective on shares of Snowflake from $245.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. Truist Financial increased their price objective on shares of Snowflake from $275.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Finally, Monness Crespi & Hardt increased their price objective on shares of Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $291.77.

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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