Mitsubishi UFJ Asset Management Co. Ltd. Purchases 37,340 Shares of Snowflake Inc. (NYSE:SNOW)

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Snowflake Inc. (NYSE:SNOW) by 14.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 304,516 shares of the company’s stock after purchasing an additional 37,340 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Snowflake were worth $44,508,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in shares of Snowflake in the first quarter valued at about $26,000. CVA Family Office LLC increased its position in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock valued at $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. bought a new stake in shares of Snowflake in the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Snowflake in the 4th quarter valued at about $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Snowflake in the 4th quarter worth approximately $31,000. 65.10% of the stock is owned by institutional investors.

Snowflake Price Performance

Shares of NYSE SNOW opened at $191.94 on Friday. The firm has a 50-day simple moving average of $213.98 and a 200-day simple moving average of $183.97. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $64.08 billion, a price-to-earnings ratio of -45.59 and a beta of 1.22. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $229.27.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. Snowflake’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 EPS. On average, equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 424,852 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director owned 165,507 shares of the company’s stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Scarpelli sold 400,000 shares of the business’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares in the company, valued at $60,090,389.60. This trade represents a 57.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,014,642 shares of company stock worth $657,325,186. Insiders own 6.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on SNOW shares. Bank of America lifted their price objective on shares of Snowflake from $172.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $205.00 price target on shares of Snowflake in a report on Monday, May 19th. Scotiabank restated an “outperform” rating on shares of Snowflake in a research note on Thursday, May 22nd. CICC Research initiated coverage on Snowflake in a research report on Friday, June 20th. They set an “outperform” rating and a $225.00 price objective on the stock. Finally, Macquarie lifted their target price on Snowflake from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Wednesday, June 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $226.73.

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.