Mackenzie Financial Corp Sells 1,938 Shares of Snowflake Inc. (NYSE:SNOW)

Mackenzie Financial Corp cut its holdings in Snowflake Inc. (NYSE:SNOW) by 8.9% during the 4th quarter, Holdings Channel reports. The fund owned 19,956 shares of the company’s stock after selling 1,938 shares during the period. Mackenzie Financial Corp’s holdings in Snowflake were worth $3,081,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SNOW. Norges Bank bought a new position in Snowflake in the fourth quarter worth approximately $988,950,000. GQG Partners LLC purchased a new stake in shares of Snowflake in the fourth quarter worth $750,572,000. Jennison Associates LLC increased its stake in shares of Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares in the last quarter. FMR LLC increased its stake in shares of Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company’s stock worth $612,817,000 after purchasing an additional 2,200,406 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Transactions at Snowflake

In other news, CFO Michael Scarpelli sold 400,000 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares of the company’s stock, valued at $102,186,956.25. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,779 shares of company stock worth $158,838,193. 7.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $205.00 price objective on shares of Snowflake in a research note on Monday, May 19th. Wells Fargo & Company reissued an “overweight” rating and issued a $225.00 price objective (up from $200.00) on shares of Snowflake in a research note on Thursday, May 22nd. JMP Securities set a $245.00 price objective on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Cowen reissued a “buy” rating on shares of Snowflake in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $217.33.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $202.40 on Friday. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $209.80. The stock has a market capitalization of $67.57 billion, a P/E ratio of -59.70 and a beta of 1.11. The firm has a fifty day simple moving average of $162.77 and a two-hundred day simple moving average of $165.80. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The business’s revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the business earned $0.14 EPS. On average, analysts expect that Snowflake Inc. will post -2.36 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, as well as applies artificial intelligence (AI) for solving business problems.