Desjardins Global Asset Management Inc. Boosts Stake in Snowflake Inc. (NYSE:SNOW)

Desjardins Global Asset Management Inc. boosted its stake in Snowflake Inc. (NYSE:SNOW) by 13.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,948 shares of the company’s stock after acquiring an additional 224 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Snowflake were worth $388,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Octavia Wealth Advisors LLC acquired a new position in Snowflake in the 4th quarter valued at about $249,000. SVB Wealth LLC increased its position in Snowflake by 86.8% during the 4th quarter. SVB Wealth LLC now owns 148,217 shares of the company’s stock worth $29,495,000 after purchasing an additional 68,857 shares during the period. Canton Hathaway LLC acquired a new position in Snowflake during the 4th quarter worth approximately $63,000. Mackenzie Financial Corp increased its position in Snowflake by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 22,790 shares of the company’s stock worth $4,535,000 after purchasing an additional 616 shares during the period. Finally, Vontobel Holding Ltd. increased its position in Snowflake by 3.3% during the 4th quarter. Vontobel Holding Ltd. now owns 43,521 shares of the company’s stock worth $8,661,000 after purchasing an additional 1,378 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on SNOW. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 target price (down previously from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Raymond James upped their target price on Snowflake from $190.00 to $223.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Wedbush upped their target price on Snowflake from $144.00 to $210.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Monness Crespi & Hardt upgraded Snowflake from a “sell” rating to a “neutral” rating in a report on Monday, March 18th. Finally, Macquarie upgraded Snowflake from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $182.00 to $205.00 in a report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Trading Down 1.0 %

Shares of NYSE SNOW opened at $148.80 on Thursday. The stock has a 50 day simple moving average of $181.05 and a 200-day simple moving average of $179.26. The company has a market cap of $49.73 billion, a PE ratio of -58.35 and a beta of 0.91. Snowflake Inc. has a 12-month low of $135.26 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to the consensus estimate of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. Sell-side analysts forecast that Snowflake Inc. will post -1.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CRO Christopher William Degnan sold 2,346 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $203.28, for a total transaction of $476,894.88. Following the sale, the executive now owns 102,007 shares of the company’s stock, valued at $20,735,982.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Snowflake news, CRO Christopher William Degnan sold 2,346 shares of the company’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $203.28, for a total value of $476,894.88. Following the transaction, the executive now owns 102,007 shares of the company’s stock, valued at $20,735,982.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benoit Dageville sold 8,515 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the sale, the insider now directly owns 55,216 shares in the company, valued at $8,627,500. The disclosure for this sale can be found here. Insiders have sold a total of 180,555 shares of company stock valued at $36,868,487 over the last quarter. Corporate insiders own 8.30% of the company’s stock.

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.