M&G PLC Raises Stock Position in Snowflake Inc. $SNOW

M&G PLC lifted its holdings in Snowflake Inc. (NYSE:SNOW) by 704.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 60,910 shares of the company’s stock after buying an additional 53,334 shares during the period. M&G PLC’s holdings in Snowflake were worth $13,766,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. lifted its stake in Snowflake by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company’s stock worth $165,123,000 after purchasing an additional 8,002 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Snowflake during the second quarter valued at approximately $6,845,000. Federated Hermes Inc. raised its holdings in shares of Snowflake by 13.5% in the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company’s stock worth $92,047,000 after buying an additional 48,411 shares during the period. Penserra Capital Management LLC lifted its stake in shares of Snowflake by 32.8% during the 3rd quarter. Penserra Capital Management LLC now owns 153,358 shares of the company’s stock worth $34,586,000 after acquiring an additional 37,911 shares during the last quarter. Finally, Rheos Capital Works Inc. boosted its holdings in Snowflake by 102.9% during the 3rd quarter. Rheos Capital Works Inc. now owns 207,000 shares of the company’s stock valued at $46,689,000 after acquiring an additional 105,000 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $220.44, for a total transaction of $2,601,412.44. Following the sale, the senior vice president owned 218,020 shares of the company’s stock, valued at approximately $48,060,328.80. This trade represents a 5.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $249.53, for a total value of $2,495,300.00. Following the completion of the transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at approximately $127,871,648.50. The trade was a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 613,681 shares of company stock valued at $130,573,518. 6.80% of the stock is owned by corporate insiders.

Snowflake Stock Up 5.5%

Shares of Snowflake stock opened at $182.37 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market cap of $62.41 billion, a price-to-earnings ratio of -45.14 and a beta of 1.14. The firm’s 50-day moving average is $207.74 and its two-hundred day moving average is $224.91. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $0.20 EPS. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. As a group, research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SNOW shares. Canaccord Genuity Group increased their target price on Snowflake from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. Sanford C. Bernstein restated a “market perform” rating and issued a $237.00 price target on shares of Snowflake in a report on Thursday, December 4th. Macquarie Infrastructure raised their price target on shares of Snowflake from $235.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, December 4th. Monness Crespi & Hardt boosted their price objective on shares of Snowflake from $260.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Finally, Cantor Fitzgerald upped their target price on shares of Snowflake from $275.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $274.68.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.