Zurich Insurance Group Ltd FI Invests $41.36 Million in Snowflake Inc. $SNOW

Key Points

• Zurich Insurance Group Ltd FI has made a new investment in Snowflake Inc., purchasing 282,943 shares for approximately $41.36 million during the first quarter.
• Several institutional investors, including Goldman Sachs and Berkshire Capital Holdings, have significantly adjusted their stakes in Snowflake, with a total of 65.10% of the stock owned by institutional investors.
• Snowflake recently reported a quarterly revenue of $1.14 billion, exceeding expectations, and raised its earnings per share (EPS) to $0.35, beating the consensus estimate of $0.27.

Zurich Insurance Group Ltd FI bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 282,943 shares of the company's stock, valued at approximately $41,355,000. Zurich Insurance Group Ltd FI owned approximately 0.09% of Snowflake as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNOW. Goldman Sachs Group Inc. raised its holdings in Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new stake in Snowflake during the 1st quarter worth $2,381,000. Berkshire Capital Holdings Inc. increased its position in shares of Snowflake by 71,500.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after purchasing an additional 7,150 shares in the last quarter. Lyell Wealth Management LP lifted its holdings in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after purchasing an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in shares of Snowflake in the 1st quarter valued at about $898,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Price Performance

Shares of SNOW opened at $226.41 on Tuesday. 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's 50 day moving average is $212.39 and its two-hundred day moving average is $187.65. Snowflake Inc. has a twelve month low of $108.13 and a twelve month high of $249.99. The firm has a market capitalization of $75.59 billion, a PE ratio of -54.56 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same period last year, the firm earned $0.18 EPS. The company's quarterly revenue was up 31.8% compared to the same quarter last year. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $224.84, for a total transaction of $90,610.52. Following the transaction, the director directly owned 25,733 shares of the company's stock, valued at $5,785,807.72. This represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,224,502 shares of company stock worth $719,801,806. Corporate insiders own 6.80% of the company's stock.

Analysts Set New Price Targets

SNOW has been the topic of a number of research reports. Robert W. Baird raised their price target on Snowflake from $215.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Mizuho raised their target price on shares of Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Wedbush lifted their target price on shares of Snowflake from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. The Goldman Sachs Group increased their price target on shares of Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Barclays raised their price objective on shares of Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

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.

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