Korea Investment CORP Cuts Stake in Snowflake Inc. (NYSE:SNOW)

Korea Investment CORP trimmed its stake in Snowflake Inc. (NYSE:SNOW) by 30.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 120,907 shares of the company’s stock after selling 52,757 shares during the quarter. Korea Investment CORP’s holdings in Snowflake were worth $18,655,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Jennison Associates LLC grew its stake in shares of Snowflake by 13.8% during the 4th quarter. Jennison Associates LLC now owns 6,204,851 shares of the company’s stock valued at $890,644,000 after buying an additional 754,039 shares during the period. State Street Corp grew its position in Snowflake by 2.9% during the first quarter. State Street Corp now owns 4,505,988 shares of the company’s stock valued at $1,032,457,000 after acquiring an additional 126,995 shares during the period. FMR LLC increased its stake in Snowflake by 7.9% during the first quarter. FMR LLC now owns 3,420,395 shares of the company’s stock worth $527,733,000 after acquiring an additional 251,486 shares during the last quarter. Norges Bank purchased a new position in shares of Snowflake in the 4th quarter worth about $477,435,000. Finally, Geode Capital Management LLC lifted its stake in shares of Snowflake by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 2,883,538 shares of the company’s stock valued at $413,381,000 after purchasing an additional 133,971 shares in the last quarter. Institutional investors and hedge funds own 63.74% of the company’s stock.

Insider Buying and Selling at Snowflake

In other news, SVP Christian Kleinerman sold 1,500 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $151.54, for a total transaction of $227,310.00. Following the sale, the senior vice president now directly owns 764,397 shares in the company, valued at approximately $115,836,721.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Christian Kleinerman sold 1,500 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $151.54, for a total transaction of $227,310.00. Following the completion of the transaction, the senior vice president now owns 764,397 shares of the company’s stock, valued at $115,836,721.38. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Frank Slootman sold 20,834 shares of the stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $188.40, for a total transaction of $3,925,125.60. Following the completion of the sale, the chief executive officer now directly owns 185,683 shares in the company, valued at approximately $34,982,677.20. The disclosure for this sale can be found here. Insiders sold a total of 643,125 shares of company stock worth $113,801,785 over the last ninety days. Company insiders own 8.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of a number of research analyst reports. StockNews.com began coverage on shares of Snowflake in a research report on Thursday, August 17th. They set a “sell” rating for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $170.00 target price on shares of Snowflake in a research note on Wednesday, August 23rd. UBS Group decreased their price target on shares of Snowflake from $170.00 to $155.00 in a research report on Thursday, May 25th. Wolfe Research lowered Snowflake from an “outperform” rating to a “peer perform” rating in a research report on Thursday, May 25th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Snowflake from $170.00 to $185.00 in a research report on Monday, June 26th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $190.25.

Snowflake Price Performance

Shares of SNOW opened at $157.07 on Friday. The stock has a market capitalization of $51.19 billion, a PE ratio of -59.05 and a beta of 0.75. The business’s fifty day moving average price is $166.41 and its 200 day moving average price is $159.30. Snowflake Inc. has a 12-month low of $119.27 and a 12-month high of $203.62.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.12. Snowflake had a negative net margin of 35.22% and a negative return on equity of 14.01%. The company had revenue of $674.00 million for the quarter, compared to the consensus estimate of $662.22 million. During the same period last year, the firm posted ($0.67) EPS. The company’s revenue for the quarter was up 35.6% on a year-over-year basis. As a group, research analysts anticipate that Snowflake Inc. will post -1.62 earnings per share for the current fiscal year.

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.