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Swiss National Bank Lowers Position in Snowflake Inc. (NYSE:SNOW)

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Key Points

  • The Swiss National Bank decreased its stake in Snowflake Inc. by selling 14,500 shares, now holding 837,800 shares valued at approximately $122.45 million.
  • Snowflake recently reported a quarterly earnings increase to $0.24 per share, surpassing analysts' expectations, and experienced a 25.8% year-over-year revenue growth of $1.04 billion.
  • Institutional investors own 65.10% of Snowflake stock, with multiple firms, including Goldman Sachs, enhancing their holdings during the first quarter.
  • Want stock alerts on Snowflake? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Swiss National Bank cut its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 837,800 shares of the company's stock after selling 14,500 shares during the quarter. Swiss National Bank owned about 0.25% of Snowflake worth $122,453,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNOW. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Snowflake by 14.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 304,516 shares of the company's stock worth $44,508,000 after purchasing an additional 37,340 shares in the last quarter. CenterBook Partners LP purchased a new position in Snowflake during the 1st quarter valued at about $2,381,000. Ontario Teachers Pension Plan Board grew its stake in Snowflake by 19.1% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 1,138,056 shares of the company's stock valued at $166,338,000 after acquiring an additional 182,819 shares in the last quarter. Monetta Financial Services Inc. purchased a new position in Snowflake during the 1st quarter valued at about $658,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Snowflake by 4.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,394,792 shares of the company's stock valued at $203,863,000 after acquiring an additional 64,268 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at $36,303,960.45. This represents a 71.97% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,014,642 shares of company stock valued at $657,325,186. Insiders own 6.80% of the company's stock.

Snowflake Trading Down 7.0%

SNOW traded down $14.46 on Friday, hitting $191.94. The company had a trading volume of 8,603,458 shares, compared to its average volume of 3,770,819. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27. The business's fifty day simple moving average is $213.98 and its 200 day simple moving average is $184.03. The company has a market cap of $64.08 billion, a PE ratio of -45.59 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.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on SNOW. JPMorgan Chase & Co. lifted their target price on Snowflake from $210.00 to $225.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Rosenblatt Securities restated a "buy" rating and issued a $205.00 target price on shares of Snowflake in a report on Monday, May 19th. Piper Sandler restated an "overweight" rating and issued a $215.00 target price (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Cowen reiterated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $212.00 target price (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $226.73.

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Snowflake Profile

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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.

See Also

Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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