CI Investments Inc. Has $108.71 Million Position in Snowflake Inc. $SNOW

CI Investments Inc. boosted its position in Snowflake Inc. (NYSE:SNOW) by 34.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 720,810 shares of the company’s stock after purchasing an additional 185,261 shares during the quarter. CI Investments Inc.’s holdings in Snowflake were worth $108,713,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNOW. Norges Bank bought a new position in Snowflake during the 4th quarter worth $974,091,000. Jennison Associates LLC boosted its position in shares of Snowflake by 27.7% in 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. Jericho Capital Asset Management L.P. acquired a new position in shares of Snowflake in the fourth quarter valued at about $345,619,000. Vanguard Group Inc. grew its stake in shares of Snowflake by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after acquiring an additional 1,448,094 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Snowflake by 445.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock worth $326,971,000 after acquiring an additional 1,217,350 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Down 1.2%

Shares of Snowflake stock opened at $270.92 on Wednesday. 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 quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99. The firm’s 50-day moving average price is $232.28 and its two-hundred day moving average price is $194.18.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the company earned $0.24 EPS. The business’s revenue for the quarter was up 33.5% compared to the same quarter last year. On average, analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNOW. Scotiabank lifted their price objective on shares of Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 8th. KeyCorp increased their target price on shares of Snowflake from $285.00 to $325.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. DA Davidson lifted their price target on shares of Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Canaccord Genuity Group lifted their price target on shares of Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, BTIG Research boosted their price target on Snowflake from $280.00 to $325.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Thirty-four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $296.27.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 437,076 shares of the firm’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 owned 38,046 shares of the company’s stock, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares in the company, valued at approximately $2,200,250. The trade was a 91.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,802,015 shares of company stock worth $421,739,629 over the last three months. Corporate insiders own 4.80% of the company’s stock.

Snowflake Company Profile

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.