Caisse DE Depot ET Placement DU Quebec Sells 11,127 Shares of Snowflake Inc. $SNOW

Key Points

• Caisse DE Depot ET Placement DU Quebec reduced its stake in Snowflake Inc. by 23.5%, selling 11,127 shares, leaving it with 36,234 shares valued at approximately $5.3 million.
• Insider trading activity saw significant share sales, including Director Michael L. Speiser selling over 50,000 shares, and Frank Slootman selling nearly 425,000 shares, representing substantial declines in their ownership.
• Analysts remain optimistic about Snowflake, with multiple firms raising price targets, resulting in a consensus rating of "Moderate Buy" and an average target price of $255.53.

Caisse DE Depot ET Placement DU Quebec lessened its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 23.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,234 shares of the company's stock after selling 11,127 shares during the period. Caisse DE Depot ET Placement DU Quebec's holdings in Snowflake were worth $5,296,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ignite Planners LLC raised its holdings in shares of Snowflake by 2.3% during the first quarter. Ignite Planners LLC now owns 2,861 shares of the company's stock valued at $418,000 after acquiring an additional 64 shares during the period. Archford Capital Strategies LLC raised its stake in Snowflake by 1.9% during the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company's stock valued at $527,000 after purchasing an additional 68 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Snowflake by 8.9% in the first quarter. TD Private Client Wealth LLC now owns 832 shares of the company's stock valued at $122,000 after purchasing an additional 68 shares in the last quarter. WD Rutherford LLC lifted its holdings in shares of Snowflake by 0.6% in the first quarter. WD Rutherford LLC now owns 12,247 shares of the company's stock valued at $1,795,000 after purchasing an additional 79 shares in the last quarter. Finally, Alta Wealth Advisors LLC boosted its position in shares of Snowflake by 2.8% in the first quarter. Alta Wealth Advisors LLC now owns 2,918 shares of the company's stock worth $426,000 after buying an additional 80 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 3,226,909 shares of company stock valued at $719,343,881. 6.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SNOW has been the topic of several recent analyst reports. Barclays upped their price target on Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a research report on Thursday. Robert W. Baird upped their target price on Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday. JMP Securities reissued a "market outperform" rating and issued a $260.00 price target on shares of Snowflake in a research report on Tuesday, August 26th. UBS Group increased their price target on shares of Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Truist Financial boosted their price objective on shares of Snowflake from $235.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Down 1.0%

Snowflake stock traded down $2.32 during mid-day trading on Friday, hitting $238.69. 11,733,285 shares of the company's stock were exchanged, compared to its average volume of 7,033,728. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99. The stock has a 50 day moving average of $211.41 and a two-hundred day moving average of $185.85. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $79.69 billion, a P/E ratio of -57.51 and a beta of 1.22.

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.