Danica Pension Livsforsikringsaktieselskab Invests $15.46 Million in Snowflake Inc. $SNOW

Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 102,484 shares of the company’s stock, valued at approximately $15,457,000.

A number of other institutional investors have also made changes to their positions in the stock. Assetmark Inc. raised its holdings in Snowflake by 99.1% in the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock worth $43,577,000 after acquiring an additional 98,870 shares during the period. Jennison Associates LLC boosted its holdings in Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after acquiring an additional 2,519,413 shares during the period. Swedbank AB grew its position in shares of Snowflake by 6.0% in the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock valued at $291,840,000 after purchasing an additional 75,419 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Snowflake by 8.2% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 144,234 shares of the company’s stock valued at $31,639,000 after purchasing an additional 10,972 shares during the last quarter. Finally, Cache Advisors LLC grew its position in shares of Snowflake by 175.0% in the fourth quarter. Cache Advisors LLC now owns 11,132 shares of the company’s stock valued at $2,442,000 after purchasing an additional 7,084 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Price Performance

NYSE:SNOW opened at $270.92 on Wednesday. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $93.90 billion, a price-to-earnings ratio of -76.97 and a beta of 1.35. The company has a 50-day moving average of $232.28 and a 200-day moving average of $194.18.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. As a group, equities research analysts anticipate that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 437,076 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total value of $110,331,094.68. Following the sale, the director directly owned 38,046 shares in the company, valued at $9,603,951.78. This represents a 91.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director owned 8,801 shares of the company’s stock, valued at $2,200,250. This represents a 91.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,802,015 shares of company stock worth $421,739,629 in the last 90 days. 4.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on SNOW. Truist Financial boosted their price objective on Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $325.00 target price on shares of Snowflake in a report on Tuesday, May 19th. JPMorgan Chase & Co. lifted their price target on Snowflake from $245.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Barclays upped their price target on Snowflake from $272.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Finally, Piper Sandler increased their price objective on Snowflake from $295.00 to $320.00 and gave the company an “overweight” rating in a research report on Wednesday, June 3rd. Thirty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $296.27.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.