Nordea Investment Management AB Has $6.20 Million Stock Holdings in Snowflake Inc. $SNOW

Nordea Investment Management AB raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 15.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,693 shares of the company’s stock after purchasing an additional 3,695 shares during the period. Nordea Investment Management AB’s holdings in Snowflake were worth $6,197,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH acquired a new position in Snowflake during the second quarter valued at approximately $25,000. Golden State Wealth Management LLC boosted its position in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after acquiring an additional 187 shares during the period. Tradewinds Capital Management LLC boosted its position in shares of Snowflake by 53.1% in the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock valued at $36,000 after acquiring an additional 85 shares during the period. Alpine Bank Wealth Management bought a new stake in shares of Snowflake in the first quarter valued at approximately $43,000. Finally, MRP Capital Investments LLC bought a new stake in shares of Snowflake in the first quarter valued at approximately $44,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 5,000 shares of the firm’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $250.00, for a total value of $1,250,000.00. Following the completion of the sale, the executive vice president directly owned 43,568 shares in the company, valued at approximately $10,892,000. This trade represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the sale, the director owned 153,226 shares of the company’s stock, valued at approximately $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,182,434 shares of company stock valued at $270,280,661 in the last 90 days. 6.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cowen reissued a “buy” rating on shares of Snowflake in a research report on Thursday, August 28th. Wedbush increased their price objective on Snowflake from $250.00 to $270.00 and gave the company an “outperform” rating in a research report on Monday. Bank of America raised Snowflake from a “neutral” rating to a “buy” rating and increased their price objective for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. Morgan Stanley raised their target price on Snowflake from $262.00 to $272.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Finally, JPMorgan Chase & Co. raised their target price on Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $257.24.

Snowflake Stock Up 2.1%

Shares of NYSE SNOW opened at $245.74 on Tuesday. The stock has a market cap of $83.26 billion, a PE ratio of -59.21 and a beta of 1.21. The business has a fifty day moving average of $223.46 and a two-hundred day moving average of $203.20. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $255.39. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business’s revenue was up 31.8% on a year-over-year basis. During the same period last year, the business earned $0.18 earnings per share. As a group, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Snowflake 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.