Snowflake Inc. (NYSE:SNOW) Shares Acquired by Prudential PLC

Key Points

• Prudential PLC boosted its stake in Snowflake Inc. by 145.1% during the first quarter, owning 42,725 shares worth $6,245,000 by the end of the quarter.
• A significant number of institutional investors have increased their holdings in Snowflake, with Goldman Sachs raising theirs by 22.2%, bringing their total to 3,587,114 shares valued at $524,293,000.
• Snowflake's stock recently hit a 52-week high of $229.27, and analysts maintain a consensus rating of "Moderate Buy" with an average price target of $226.32.

Prudential PLC increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 145.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,725 shares of the company's stock after buying an additional 25,296 shares during the quarter. Prudential PLC's holdings in Snowflake were worth $6,245,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake 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 worth $524,293,000 after buying an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new position in Snowflake during the first quarter worth $2,381,000. Lyell Wealth Management LP raised its position in Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after acquiring an additional 2,955 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in Snowflake in the first quarter valued at $898,000. Finally, SBI Securities Co. Ltd. boosted its position in shares of Snowflake by 9.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company's stock worth $8,856,000 after purchasing an additional 5,197 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Loop Capital increased their price target on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $230.00 target price on shares of Snowflake in a report on Thursday, June 5th. Stifel Nicolaus boosted their price target on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Mizuho upped their price target on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Finally, Morgan Stanley started coverage on Snowflake in a research note on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and an average target price of $226.32.

Snowflake Price Performance

Snowflake stock opened at $196.91 on Thursday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27. The firm has a market capitalization of $65.74 billion, a P/E ratio of -46.77 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a fifty day moving average of $213.04 and a 200-day moving average of $184.30.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company earned $0.14 earnings per share. Snowflake's revenue for the quarter was up 25.8% on a year-over-year basis. As a group, analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares in the company, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,014,642 shares of company stock valued at $657,325,186. 6.80% of the stock is currently owned by corporate insiders.

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.

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