Resona Asset Management Co. Ltd. Grows Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Snowflake Inc. by 6.5%, owning a total of 89,849 shares worth approximately $13.18 million as of the last reporting period.
• Snowflake's stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $226.32 and notable upward adjustments in price objectives from several research firms.
• The company's quarterly earnings report showed an increase in revenue by 25.8% year-over-year, with earnings per share of $0.24 exceeding analyst expectations.

Resona Asset Management Co. Ltd. raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 6.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,849 shares of the company's stock after purchasing an additional 5,497 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Snowflake were worth $13,183,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SNOW. Rathbones Group PLC bought a new position in shares of Snowflake during the first quarter valued at about $291,000. Westpac Banking Corp grew its stake in shares of Snowflake by 177.0% during the first quarter. Westpac Banking Corp now owns 11,719 shares of the company's stock valued at $1,713,000 after buying an additional 7,489 shares during the last quarter. Callan Family Office LLC bought a new position in shares of Snowflake during the first quarter valued at about $637,000. Motley Fool Asset Management LLC grew its stake in shares of Snowflake by 17.0% during the first quarter. Motley Fool Asset Management LLC now owns 15,521 shares of the company's stock valued at $2,269,000 after buying an additional 2,260 shares during the last quarter. Finally, First American Trust FSB grew its stake in shares of Snowflake by 16.2% in the first quarter. First American Trust FSB now owns 23,512 shares of the company's stock worth $3,437,000 after purchasing an additional 3,279 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on SNOW. Robert W. Baird lifted their price objective on Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a research report on Thursday, May 22nd. JMP Securities lifted their price objective on Snowflake from $245.00 to $260.00 and gave the company a "market outperform" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. lifted their price objective on Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. KeyCorp reaffirmed an "overweight" rating on shares of Snowflake in a research report on Wednesday, June 25th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $226.32.

Snowflake Trading Up 2.0%

NYSE:SNOW opened at $196.91 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a market capitalization of $65.74 billion, a price-to-earnings ratio of -46.77 and a beta of 1.22. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The business has a fifty day moving average price of $213.04 and a 200-day moving average price of $184.30.

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, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 EPS. Sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $84,102.07. Following the completion of the sale, the director directly owned 26,136 shares in the company, valued at $5,454,321.84. This represents a 1.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the completion of the sale, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. This trade represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,014,642 shares of company stock valued at $657,325,186. Company insiders own 6.80% of the company's stock.

About Snowflake

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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