iA Global Asset Management Inc. Purchases New Position in Snowflake Inc. (NYSE:SNOW)

iA Global Asset Management Inc. acquired a new position in shares of Snowflake Inc. (NYSE:SNOW) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 24,710 shares of the company’s stock, valued at approximately $3,993,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Accent Capital Management LLC purchased a new position in shares of Snowflake in the 4th quarter worth approximately $25,000. LRI Investments LLC bought a new stake in shares of Snowflake in the first quarter valued at approximately $29,000. Riverview Trust Co purchased a new stake in shares of Snowflake during the first quarter worth $31,000. Hartford Financial Management Inc. bought a new position in Snowflake in the 1st quarter worth about $32,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Snowflake in the first quarter worth about $32,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Price Performance

Shares of NYSE SNOW traded down $6.14 during mid-day trading on Thursday, hitting $124.24. The company had a trading volume of 7,672,436 shares, compared to its average volume of 6,450,447. Snowflake Inc. has a 1-year low of $121.45 and a 1-year high of $237.72. The company has a market capitalization of $41.60 billion, a PE ratio of -44.15 and a beta of 0.85. The business’s 50-day simple moving average is $134.91 and its 200 day simple moving average is $163.49.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 22nd. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.40). The business had revenue of $828.71 million for the quarter, compared to analysts’ expectations of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. On average, analysts expect that Snowflake Inc. will post -2.28 EPS for the current year.

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 848 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the sale, the director now owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Teresa Briggs sold 848 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the transaction, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Grzegorz Czajkowski sold 469,120 shares of Snowflake stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total value of $57,743,980.80. Following the completion of the sale, the executive vice president now directly owns 494,942 shares in the company, valued at approximately $60,922,410.78. The disclosure for this sale can be found here. Insiders have sold a total of 520,678 shares of company stock valued at $64,962,300 over the last quarter. Company insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Snowflake from $170.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. KeyCorp raised their price target on Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Sanford C. Bernstein lifted their target price on shares of Snowflake from $171.00 to $185.00 and gave the stock a “market perform” rating in a research report on Thursday, May 23rd. Scotiabank dropped their target price on Snowflake from $207.00 to $195.00 and set a “sector outperform” rating for the company in a report on Thursday, May 23rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $210.00 price objective on shares of Snowflake in a research note on Monday, July 8th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

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.