Snowflake Inc. (NYSE:SNOW) Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its holdings in Snowflake Inc. by 1.2% in Q1, owning 27,194,208 shares valued at approximately $3.97 billion.
• Several other institutional investors also raised their stakes during the fourth quarter, with Brighton Jones LLC increasing its investment by 90%, now owning 61,885 shares worth about $9.56 million.
• Snowflake's latest earnings report showed a revenue of $1.04 billion for the quarter, surpassing estimates, and a quarterly revenue growth of 25.8% year-over-year.

Vanguard Group Inc. raised its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,194,208 shares of the company's stock after acquiring an additional 316,573 shares during the period. Vanguard Group Inc. owned about 8.24% of Snowflake worth $3,974,705,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael Scarpelli sold 400,000 shares of Snowflake 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 transaction, 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 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 90 days. 6.80% of the stock is currently owned by company insiders.

Snowflake Stock Down 7.0%

NYSE SNOW traded down $14.46 during midday trading on Friday, hitting $191.94. 8,603,458 shares of the company traded hands, compared to its average volume of 3,533,447. 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 company has a market cap of $64.08 billion, a PE ratio of -45.59 and a beta of 1.22. The company's 50-day simple moving average is $213.98 and its 200-day simple moving average is $183.97. 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business's quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 EPS. As a group, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

SNOW has been the topic of several recent research reports. Morgan Stanley began coverage on Snowflake in a research report on Tuesday, June 24th. They set an "overweight" rating and a $262.00 price target on the stock. Barclays reissued an "overweight" rating and issued a $219.00 target price (up previously from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Royal Bank Of Canada lifted their price objective on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Monness Crespi & Hardt upped their price target on Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, Macquarie upped their price objective on Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

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.