Mitsubishi UFJ Asset Management Co. Ltd. Acquires 37,340 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Snowflake Inc. by 14.0%, owning a total of 304,516 shares valued at approximately $44.5 million by the end of the most recent quarter.
• Brokerages have raised their target prices for Snowflake, with Royal Bank of Canada increasing its target to $250.00 and JMP Securities to $260.00, indicating strong market confidence in the stock.
• Insiders have sold a total of 3,014,642 shares valued at over $657 million in the last 90 days, highlighting significant movements by company executives.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 14.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 304,516 shares of the company's stock after buying an additional 37,340 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.09% of Snowflake worth $44,508,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Snowflake by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after purchasing an additional 316,573 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Snowflake by 124.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock valued at $612,817,000 after buying an additional 2,200,406 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after buying an additional 650,775 shares during the period. Baillie Gifford & Co. raised its holdings in shares of Snowflake by 8.2% during the 1st quarter. Baillie Gifford & Co. now owns 2,928,696 shares of the company's stock valued at $428,058,000 after buying an additional 222,920 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Snowflake by 16.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,253,476 shares of the company's stock valued at $347,959,000 after buying an additional 317,697 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SNOW. Stephens initiated coverage on Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. Oppenheimer restated an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Mizuho lifted their price objective on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Cantor Fitzgerald lifted their price objective on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 256,046 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $37,594,915.05. This represents a 60.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Teresa Briggs sold 1,146 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the transaction, the director directly owned 4,474 shares of the company's stock, valued at approximately $974,168.76. The trade was a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,014,642 shares of company stock worth $657,325,186. Insiders own 6.80% of the company's stock.

Snowflake Stock Up 1.1%

Shares of SNOW stock traded up $2.16 on Wednesday, reaching $195.22. 539,256 shares of the company's stock traded hands, compared to its average volume of 5,058,218. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market capitalization of $65.18 billion, a P/E ratio of -46.47 and a beta of 1.22. The business's 50 day moving average price is $213.29 and its two-hundred day moving average price is $184.22.

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

Snowflake Company 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.