Snowflake Inc. $SNOW Shares Bought by Credit Agricole S A

Key Points

• Credit Agricole S A increased its stake in Snowflake Inc. by 33.5% in Q1, owning 31,607 shares worth approximately $4.62 million post-purchase.
• Several institutional investors, including CVA Family Office LLC, have made significant adjustments to their holdings in Snowflake, indicating increased interest in the stock.
• Analysts have mixed views on Snowflake, with Mizuho and Jefferies raising their target prices to $235 and $250, respectively, while HSBC downgraded its rating from "hold" to "sell."

Credit Agricole S A grew its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 33.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,607 shares of the company's stock after purchasing an additional 7,923 shares during the quarter. Credit Agricole S A's holdings in Snowflake were worth $4,620,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. Opal Wealth Advisors LLC acquired a new stake in Snowflake during the first quarter worth approximately $26,000. CVA Family Office LLC raised its holdings in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. West Paces Advisors Inc. acquired a new stake in Snowflake during the fourth quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new stake in Snowflake during the fourth quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in Snowflake during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. HSBC cut shares of Snowflake from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Mizuho raised their target price on shares of Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Jefferies Financial Group raised their target price on shares of Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Macquarie raised their target price on shares of Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Finally, DA Davidson restated a "buy" rating and set a $250.00 target price on shares of Snowflake in a research report on Wednesday, June 4th. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $230.22.

Insiders Place Their Bets

In other Snowflake news, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the sale, the chief financial officer directly owned 292,610 shares in the company, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction on 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 sale, the director owned 165,507 shares in the company, valued at $36,303,960.45. The trade was a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,916,826 shares of company stock worth $637,835,052. 6.80% of the stock is currently owned by insiders.

Snowflake Stock Performance

NYSE:SNOW opened at $196.7910 on Friday. The firm's fifty day moving average price is $211.11 and its 200 day moving average price is $184.93. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27. 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 cap of $65.70 billion, a price-to-earnings ratio of -46.74 and a beta of 1.22.

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, beating analysts' consensus estimates 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 firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm posted $0.14 EPS. Snowflake's quarterly revenue was up 25.8% on a year-over-year basis. On average, sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.