Snowflake Inc. (NYSE:SNOW) Shares Bought by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International AG significantly increased its stake in Snowflake Inc. by 95.1% during the first quarter, holding 9,269 shares valued at approximately $1.39 million.
• Insider trading activity included CFO Michael Scarpelli and Director Frank Slootman selling over 400,000 shares combined, resulting in steep decreases in their ownership percentages.
• Snowflake reported a 25.8% year-over-year revenue growth with $1.04 billion in quarterly revenue, surpassing analyst expectations.

Raiffeisen Bank International AG raised its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 95.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,269 shares of the company's stock after acquiring an additional 4,518 shares during the quarter. Raiffeisen Bank International AG's holdings in Snowflake were worth $1,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new position in Snowflake in the 1st quarter worth $26,000. CVA Family Office LLC lifted its position in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. West Paces Advisors Inc. purchased a new stake in shares of Snowflake during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake during the fourth quarter worth about $31,000. Finally, Capital A Wealth Management LLC bought a new stake in Snowflake during the 4th quarter valued at approximately $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

NYSE SNOW traded up $4.82 during trading hours on Wednesday, reaching $210.59. The stock had a trading volume of 3,233,658 shares, compared to its average volume of 3,513,548. The stock has a fifty day moving average of $214.04 and a 200 day moving average of $183.36. The stock has a market cap of $70.31 billion, a P/E ratio of -50.02 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the previous year, the business earned $0.14 earnings per share. The business's revenue was up 25.8% compared to the same quarter last year. Sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analyst Ratings Changes

SNOW has been the subject of several recent analyst reports. Piper Sandler restated an "overweight" rating and issued a $215.00 price target (up from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. CICC Research initiated 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. Mizuho increased their price objective on shares of Snowflake from $215.00 to $235.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Stephens initiated coverage on Snowflake in a research report on Friday, July 18th. They issued an "overweight" rating and a $261.00 target price on the stock. Finally, Wells Fargo & Company restated an "overweight" rating and set a $250.00 price target (up previously from $225.00) on shares of Snowflake in a report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $226.73.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the sale, the chief financial officer owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director directly owned 165,507 shares in the company, 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 worth $657,325,186 over the last three months. Corporate insiders own 6.80% of the company's stock.

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.