SEB Asset Management AB Purchases Shares of 76,336 Snowflake Inc. $SNOW

SEB Asset Management AB acquired a new position in Snowflake Inc. (NYSE:SNOW) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 76,336 shares of the company’s stock, valued at approximately $11,513,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kemnay Advisory Services Inc. bought a new position in Snowflake in the 4th quarter worth $28,000. Greenline Wealth Management LLC bought a new stake in Snowflake during the fourth quarter valued at about $29,000. Physician Wealth Advisors Inc. boosted its holdings in Snowflake by 56.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after acquiring an additional 51 shares during the period. Emerald Advisers LLC grew its position in shares of Snowflake by 95.2% in the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after purchasing an additional 100 shares during the last quarter. Finally, MV Capital Management Inc. acquired a new stake in shares of Snowflake in the fourth quarter valued at about $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Jefferies Financial Group reissued a “buy” rating and set a $310.00 price objective on shares of Snowflake in a research report on Monday. Royal Bank Of Canada raised their target price on Snowflake from $284.00 to $313.00 and gave the company an “outperform” rating in a report on Friday. Rosenblatt Securities lifted their price target on Snowflake from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Scotiabank upped their price target on Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a report on Monday, June 8th. Finally, Morgan Stanley increased their price objective on Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Thirty-four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $296.27.

Snowflake Price Performance

Shares of SNOW stock opened at $274.92 on Tuesday. The stock’s fifty day simple moving average is $229.90 and its 200 day simple moving average is $193.81. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99. The firm has a market cap of $95.29 billion, a price-to-earnings ratio of -78.10 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. On average, analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christian Kleinerman sold 2,500 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total transaction of $646,400.00. Following the completion of the sale, the executive vice president owned 397,879 shares in the company, valued at $102,875,594.24. This trade represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 840 shares of Snowflake stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $257.91, for a total transaction of $216,644.40. Following the transaction, the director directly owned 26,876 shares of the company’s stock, valued at $6,931,589.16. This represents a 3.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,802,015 shares of company stock worth $421,739,629 in the last quarter. 4.80% of the stock is owned by corporate insiders.

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.