Snowflake Inc. (NYSE:SNOW) Shares Bought by Picton Mahoney Asset Management

Picton Mahoney Asset Management boosted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 17.2% in the fourth quarter, Holdings Channel reports. The fund owned 22,238 shares of the company’s stock after purchasing an additional 3,257 shares during the period. Picton Mahoney Asset Management’s holdings in Snowflake were worth $4,427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in SNOW. Stratos Wealth Partners LTD. lifted its position in Snowflake by 139.8% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,818 shares of the company’s stock worth $736,000 after acquiring an additional 2,809 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Snowflake by 3.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,244 shares of the company’s stock valued at $9,051,000 after buying an additional 2,232 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Snowflake by 19.6% in the 3rd quarter. Mackenzie Financial Corp now owns 22,174 shares of the company’s stock valued at $3,299,000 after buying an additional 3,627 shares during the period. IFM Investors Pty Ltd lifted its holdings in shares of Snowflake by 2.8% in the 3rd quarter. IFM Investors Pty Ltd now owns 51,827 shares of the company’s stock valued at $7,918,000 after buying an additional 1,419 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Snowflake by 25.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 160,384 shares of the company’s stock valued at $24,502,000 after buying an additional 32,990 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In other news, CEO Frank Slootman sold 86,078 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $225.13, for a total value of $19,378,740.14. Following the completion of the transaction, the chief executive officer now owns 180,143 shares in the company, valued at $40,555,593.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Christian Kleinerman sold 1,500 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $230.00, for a total transaction of $345,000.00. Following the completion of the transaction, the senior vice president now owns 725,067 shares in the company, valued at $166,765,410. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frank Slootman sold 86,078 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $225.13, for a total transaction of $19,378,740.14. Following the transaction, the chief executive officer now owns 180,143 shares of the company’s stock, valued at approximately $40,555,593.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 158,458 shares of company stock valued at $31,585,640. 8.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SNOW shares. JMP Securities raised their price target on Snowflake from $212.00 to $235.00 and gave the company a “market outperform” rating in a report on Thursday, February 29th. Canaccord Genuity Group reissued a “buy” rating and issued a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Rosenblatt Securities raised Snowflake from a “neutral” rating to a “buy” rating and set a $185.00 price target for the company in a report on Friday, April 5th. Wedbush raised their price objective on Snowflake from $144.00 to $210.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Finally, Citigroup dropped their price target on Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a research report on Monday, March 4th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $202.77.

Snowflake Price Performance

SNOW traded down $1.37 during mid-day trading on Wednesday, hitting $157.72. The stock had a trading volume of 2,624,551 shares, compared to its average volume of 6,272,443. The stock’s fifty day simple moving average is $160.35 and its 200-day simple moving average is $179.27. The firm has a market capitalization of $52.71 billion, a price-to-earnings ratio of -61.87 and a beta of 0.90. Snowflake Inc. has a 1-year low of $138.40 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The company had revenue of $774.70 million for the quarter, compared to analyst estimates of $759.86 million. As a group, research analysts expect that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

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.