Korea Investment CORP Grows Holdings in Snowflake Inc. $SNOW

Key Points

• Korea Investment CORP increased its holdings in Snowflake Inc. by 59.1%, owning approximately 0.14% of the company, worth about $65.93 million after buying an additional 167,538 shares.
• Several other institutional investors also adjusted their positions in Snowflake, with hedge funds collectively owning 65.10% of the stock.
• Insiders at Snowflake sold a total of 3,014,642 shares last quarter, valued at approximately $657 million, following significant sales by CFO Michael Scarpelli and Director Frank Slootman.

Korea Investment CORP lifted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 59.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 451,114 shares of the company's stock after buying an additional 167,538 shares during the quarter. Korea Investment CORP owned approximately 0.14% of Snowflake worth $65,935,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNOW. Sand Hill Global Advisors LLC bought a new position in Snowflake in the 1st quarter worth about $4,116,000. Watts Gwilliam & Co. LLC boosted its stake in Snowflake by 18.3% in the 1st quarter. Watts Gwilliam & Co. LLC now owns 1,668 shares of the company's stock worth $244,000 after purchasing an additional 258 shares in the last quarter. Brooklyn Investment Group boosted its stake in Snowflake by 69.9% in the 1st quarter. Brooklyn Investment Group now owns 1,048 shares of the company's stock worth $153,000 after purchasing an additional 431 shares in the last quarter. Berkshire Capital Holdings Inc. boosted its stake in Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after purchasing an additional 7,150 shares in the last quarter. Finally, Algert Global LLC bought a new position in Snowflake in the 1st quarter worth about $398,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNOW. CICC Research started coverage on shares of Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 price target on the stock. Macquarie upped their target price on shares of Snowflake from $190.00 to $210.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Oppenheimer restated an "outperform" rating on shares of Snowflake in a research note on Tuesday, June 24th. Scotiabank restated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald upped their target price on shares of Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $226.32.

Insider Activity

In other news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction dated Tuesday, May 27th. The stock was 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 approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,014,642 shares of company stock valued at $657,325,186 in the last quarter. Company insiders own 6.80% of the company's stock.

Snowflake Stock Down 0.5%

Shares of NYSE:SNOW opened at $198.04 on Tuesday. The business has a 50-day moving average price of $212.25 and a 200 day moving average price of $184.68. 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 has a market capitalization of $66.12 billion, a price-to-earnings ratio of -47.04 and a beta of 1.22. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27.

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

Snowflake Profile

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.

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