AMF Tjanstepension AB Raises Holdings in Snowflake Inc. (NYSE:SNOW)

AMF Tjanstepension AB increased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 32.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 160,513 shares of the company’s stock after purchasing an additional 39,759 shares during the period. AMF Tjanstepension AB’s holdings in Snowflake were worth $25,939,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Accent Capital Management LLC purchased a new position in shares of Snowflake during the fourth quarter valued at approximately $25,000. FinTrust Capital Advisors LLC boosted its holdings in shares of Snowflake by 193.9% during the fourth quarter. FinTrust Capital Advisors LLC now owns 194 shares of the company’s stock worth $39,000 after purchasing an additional 128 shares during the last quarter. Riverview Trust Co purchased a new stake in shares of Snowflake in the first quarter valued at $31,000. M&R Capital Management Inc. increased its stake in Snowflake by 100.0% in the fourth quarter. M&R Capital Management Inc. now owns 200 shares of the company’s stock valued at $40,000 after purchasing an additional 100 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Snowflake during the first quarter worth about $32,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW stock traded up $1.21 during midday trading on Friday, reaching $135.13. 8,123,634 shares of the company were exchanged, compared to its average volume of 6,638,651. The company’s 50 day moving average price is $145.74 and its two-hundred day moving average price is $173.37. The company has a market cap of $45.24 billion, a P/E ratio of -48.26 and a beta of 0.85. Snowflake Inc. has a 12 month low of $122.60 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The firm had revenue of $828.71 million during the quarter, compared to the consensus estimate of $786.95 million. As a group, sell-side analysts predict that Snowflake Inc. will post -2.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SNOW shares. Wells Fargo & Company lowered their price objective on shares of Snowflake from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, June 21st. Canaccord Genuity Group dropped their price target on Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Snowflake in a research note on Wednesday, June 5th. Morgan Stanley reissued an “equal weight” rating and set a $175.00 target price (down previously from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $220.00 price target on shares of Snowflake in a research report on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $199.03.

Insiders Place Their Bets

In related news, CAO Emily Ho sold 3,845 shares of Snowflake stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total value of $501,349.55. Following the transaction, the chief accounting officer now directly owns 30,613 shares in the company, valued at approximately $3,991,629.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Christian Kleinerman sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $156.38, for a total value of $234,570.00. Following the completion of the sale, the executive vice president now owns 774,097 shares in the company, valued at approximately $121,053,288.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Emily Ho sold 3,845 shares of Snowflake stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $130.39, for a total transaction of $501,349.55. Following the transaction, the chief accounting officer now owns 30,613 shares in the company, valued at $3,991,629.07. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 519,112 shares of company stock worth $64,932,073. 7.80% of the stock is owned by insiders.

About Snowflake

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.