Snowflake Inc. $SNOW Stock Position Reduced by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd reduced its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 19.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,970 shares of the company's stock after selling 6,705 shares during the period. Snowflake comprises 1.3% of BOCHK Asset Management Ltd's holdings, making the stock its 20th biggest position. BOCHK Asset Management Ltd's holdings in Snowflake were worth $9,158,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. OMERS ADMINISTRATION Corp boosted its stake in shares of Snowflake by 4,284.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 696,278 shares of the company's stock worth $105,013,000 after buying an additional 680,397 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Snowflake by 22.2% in the first quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company's stock valued at $452,014,000 after acquiring an additional 544,960 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Snowflake by 76.9% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company's stock valued at $176,736,000 after acquiring an additional 509,230 shares during the period. Assenagon Asset Management S.A. boosted its position in Snowflake by 134.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company's stock worth $268,351,000 after purchasing an additional 453,342 shares in the last quarter. Finally, Swedbank AB boosted its position in Snowflake by 24.0% in the 1st quarter. Swedbank AB now owns 1,649,771 shares of the company's stock worth $248,818,000 after purchasing an additional 319,356 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Down 5.3%

NYSE SNOW opened at $289.86 on Tuesday. The business has a fifty day moving average price of $331.03 and a 200 day moving average price of $240.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $102.26 billion, a P/E ratio of -91.15 and a beta of 1.35. Snowflake Inc. has a one year low of $118.30 and a one year high of $384.56.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.17. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The firm's quarterly revenue was up 35.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.35 EPS. Research analysts anticipate that Snowflake Inc. will post -1.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SNOW shares. Royal Bank Of Canada lifted their target price on shares of Snowflake from $372.00 to $440.00 and gave the company an "outperform" rating in a report on Thursday, September 3rd. Oppenheimer increased their price target on shares of Snowflake from $400.00 to $475.00 and gave the stock an "outperform" rating in a report on Thursday, September 3rd. Scotiabank restated a "sector outperform" rating and set a $440.00 price target (up from $320.00) on shares of Snowflake in a research report on Thursday, September 3rd. Jefferies Financial Group set a $430.00 price target on shares of Snowflake and gave the company a "buy" rating in a research report on Thursday, September 3rd. Finally, DA Davidson lifted their price objective on shares of Snowflake from $300.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Thirty-six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $413.87.

Insider Activity at Snowflake

In other Snowflake news, CAO Emily Ho sold 768 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $332.93, for a total value of $255,690.24. Following the completion of the sale, the chief accounting officer owned 39,958 shares in the company, valued at approximately $13,303,216.94. This represents a 1.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 300,000 shares of the firm's stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $316.43, for a total transaction of $94,929,000.00. Following the completion of the transaction, the director directly owned 19,024 shares in the company, valued at $6,019,764.32. This trade represents a 94.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,206,443 shares of company stock worth $396,866,828 in the last 90 days. 4.80% of the stock is owned by insiders.

About Snowflake

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.

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