Mirae Asset Global Investments Co. Ltd. Reduces Position in Snowflake Inc. (NYSE:SNOW)

Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 47.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,581 shares of the company's stock after selling 47,834 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Snowflake were worth $7,821,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SNOW. ORG Wealth Partners LLC purchased a new position in shares of Snowflake during the 1st quarter worth approximately $898,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Snowflake by 455.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 124,178 shares of the company's stock worth $19,174,000 after acquiring an additional 101,806 shares during the period. SPX Gestao de Recursos Ltda purchased a new position in shares of Snowflake during the 4th quarter worth approximately $3,088,000. Deutsche Bank AG grew its holdings in shares of Snowflake by 26.0% during the 4th quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock worth $142,513,000 after acquiring an additional 190,583 shares during the period. Finally, Ardmore Road Asset Management LP purchased a new position in shares of Snowflake during the 4th quarter worth approximately $18,529,000. Institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock traded down $7.69 during trading on Tuesday, reaching $216.08. 5,394,159 shares of the stock traded hands, compared to its average volume of 6,088,641. The company has a market capitalization of $72.14 billion, a price-to-earnings ratio of -51.33 and a beta of 1.21. The business has a fifty day simple moving average of $192.44 and a two-hundred day simple moving average of $173.83. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $225.68.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates 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%. The business's quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 earnings per share. Sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity

In other news, EVP Christian Kleinerman sold 5,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $225.00, for a total value of $1,125,000.00. Following the transaction, the executive vice president directly owned 48,568 shares in the company, valued at approximately $10,927,800. This represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Emily Ho sold 1,544 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $220.98, for a total transaction of $341,193.12. Following the completion of the transaction, the chief accounting officer directly owned 35,100 shares of the company's stock, valued at $7,756,398. This trade represents a 4.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,354,257 shares of company stock worth $288,611,422 in the last ninety days. 6.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. DA Davidson reiterated a "buy" rating and set a $250.00 target price on shares of Snowflake in a report on Wednesday, June 4th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $205.00 price objective on shares of Snowflake in a research report on Monday, May 19th. Barclays reissued an "overweight" rating and set a $219.00 price target (up from $203.00) on shares of Snowflake in a report on Thursday, May 22nd. Bank of America increased their price target on Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Finally, Robert W. Baird increased their price target on Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-four have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus price target of $225.22.

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.