IFM Investors Pty Ltd Raises Stake in Snowflake Inc. $SNOW

IFM Investors Pty Ltd increased its stake in Snowflake Inc. (NYSE:SNOW) by 0.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 54,020 shares of the company’s stock after buying an additional 274 shares during the quarter. IFM Investors Pty Ltd’s holdings in Snowflake were worth $7,896,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Ignite Planners LLC increased its holdings in Snowflake by 2.3% in the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock worth $418,000 after acquiring an additional 64 shares during the last quarter. Archford Capital Strategies LLC increased its holdings in Snowflake by 1.9% in the 1st quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock worth $527,000 after acquiring an additional 68 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in Snowflake by 8.9% in the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company’s stock worth $122,000 after acquiring an additional 68 shares during the last quarter. WD Rutherford LLC increased its holdings in Snowflake by 0.6% in the 1st quarter. WD Rutherford LLC now owns 12,247 shares of the company’s stock worth $1,795,000 after acquiring an additional 79 shares during the last quarter. Finally, Alta Wealth Advisors LLC increased its holdings in Snowflake by 2.8% in the 1st quarter. Alta Wealth Advisors LLC now owns 2,918 shares of the company’s stock worth $426,000 after acquiring an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SNOW. HSBC lowered Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Evercore ISI lifted their price objective on Snowflake from $240.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, August 28th. Truist Financial lifted their price objective on Snowflake from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Wells Fargo & Company increased their price objective on Snowflake from $250.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Finally, Piper Sandler raised their target price on Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Stock Up 0.2%

Shares of NYSE SNOW opened at $226.03 on Thursday. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The business has a 50-day simple moving average of $212.76 and a two-hundred day simple moving average of $188.17. The company has a quick ratio of 1.58, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company has a market cap of $75.46 billion, a P/E ratio of -54.47 and a beta of 1.22.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm’s revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 3,224,389 shares of company stock valued at $719,812,350. 6.80% of the stock is owned by corporate 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.