Legal & General Group Plc Grows Stake in Snowflake Inc. $SNOW

Key Points

• Legal & General Group Plc increased its Snowflake stake by 5.2% in the fourth quarter, buying 96,373 more shares and bringing its total holding to about 1.95 million shares valued at $427.7 million.
• Wall Street remains mostly constructive on Snowflake, with a Moderate Buy consensus and an average price target of $242.19, though several firms recently trimmed targets while keeping positive ratings.
• Snowflake posted stronger-than-expected quarterly results, with EPS of $0.32 and revenue of $1.28 billion, but insider selling continued, including recent sales by EVP Christian Kleinerman and SVP Vivek Raghunathan.

Legal & General Group Plc grew its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 5.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,949,962 shares of the company's stock after buying an additional 96,373 shares during the quarter. Legal & General Group Plc owned approximately 0.57% of Snowflake worth $427,744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. New Age Alpha Advisors LLC lifted its stake in shares of Snowflake by 1.0% in the 4th quarter. New Age Alpha Advisors LLC now owns 10,000 shares of the company's stock valued at $2,194,000 after purchasing an additional 100 shares during the period. Allen Capital Group LLC lifted its stake in shares of Snowflake by 0.9% in the 4th quarter. Allen Capital Group LLC now owns 22,254 shares of the company's stock valued at $4,882,000 after purchasing an additional 195 shares during the period. First National Trust Co purchased a new position in shares of Snowflake in the 4th quarter valued at approximately $235,000. William Blair Investment Management LLC lifted its stake in shares of Snowflake by 159.9% in the 4th quarter. William Blair Investment Management LLC now owns 1,346,998 shares of the company's stock valued at $295,477,000 after purchasing an additional 828,789 shares during the period. Finally, Prospera Financial Services Inc lifted its stake in shares of Snowflake by 3.6% in the 4th quarter. Prospera Financial Services Inc now owns 8,576 shares of the company's stock valued at $1,881,000 after purchasing an additional 296 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNOW. Evercore set a $200.00 target price on Snowflake in a research note on Tuesday, April 14th. Canaccord Genuity Group lowered their target price on Snowflake from $270.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Morgan Stanley lowered their target price on Snowflake from $270.00 to $245.00 and set an "overweight" rating for the company in a research note on Thursday, February 26th. Monness Crespi & Hardt raised their target price on Snowflake from $275.00 to $282.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Finally, Guggenheim restated a "neutral" rating on shares of Snowflake in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $242.19.

Insider Buying and Selling

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $165.01, for a total transaction of $1,650,100.00. Following the completion of the transaction, the executive vice president owned 510,477 shares in the company, valued at approximately $84,233,809.77. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $152.80, for a total value of $592,252.80. Following the transaction, the senior vice president owned 273,323 shares of the company's stock, valued at $41,763,754.40. The trade was a 1.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 428,963 shares of company stock worth $71,996,216 over the last three months. 6.80% of the stock is owned by corporate insiders.

Snowflake Stock Down 0.1%

Shares of NYSE:SNOW opened at $171.98 on Tuesday. The stock has a fifty day simple moving average of $153.77 and a two-hundred day simple moving average of $191.91. The stock has a market capitalization of $59.45 billion, a price-to-earnings ratio of -43.54 and a beta of 1.08. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $280.67. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.The firm's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 earnings per share. On average, research analysts anticipate that Snowflake Inc. will post -2.16 earnings per share for the current fiscal year.

About Snowflake

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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