Korea Investment CORP Has $77.06 Million Holdings in Snowflake Inc. $SNOW

Korea Investment CORP trimmed its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 23.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 344,358 shares of the company’s stock after selling 106,756 shares during the period. Korea Investment CORP owned approximately 0.10% of Snowflake worth $77,057,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its position in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. AE Wealth Management LLC acquired a new stake in shares of Snowflake in the first quarter valued at $310,000. HB Wealth Management LLC raised its holdings in shares of Snowflake by 53.5% in the first quarter. HB Wealth Management LLC now owns 3,944 shares of the company’s stock valued at $576,000 after buying an additional 1,375 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Snowflake by 2.1% in the first quarter. TD Asset Management Inc now owns 82,765 shares of the company’s stock valued at $12,097,000 after buying an additional 1,683 shares during the last quarter. Finally, LPL Financial LLC lifted its position in Snowflake by 18.9% during the 1st quarter. LPL Financial LLC now owns 210,033 shares of the company’s stock worth $30,698,000 after buying an additional 33,387 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In other news, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the transaction, the senior vice president directly owned 241,854 shares in the company, valued at $53,986,649.88. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $277.73, for a total value of $2,777,300.00. Following the transaction, the executive vice president owned 522,450 shares in the company, valued at $145,100,038.50. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 221,305 shares of company stock valued at $52,925,799. Company insiders own 6.80% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW stock opened at $249.01 on Friday. The company has a 50-day simple moving average of $248.55 and a 200 day simple moving average of $223.45. The company has a market capitalization of $84.37 billion, a price-to-earnings ratio of -60.00 and a beta of 1.23. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. 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 released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the firm earned $0.18 earnings per share. On average, sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Monness Crespi & Hardt raised their price objective on shares of Snowflake from $245.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Evercore ISI upped their target price on shares of Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. UBS Group upped their target price on shares of Snowflake from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Truist Financial increased their price target on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Wedbush increased their target price on Snowflake from $250.00 to $270.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $268.22.

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.