CIBC Asset Management Inc Acquires 544 Shares of Snowflake Inc. (NYSE:SNOW)

CIBC Asset Management Inc lifted its stake in Snowflake Inc. (NYSE:SNOW) by 4.9% during the third quarter, HoldingsChannel.com reports. The firm owned 11,705 shares of the company’s stock after purchasing an additional 544 shares during the quarter. CIBC Asset Management Inc’s holdings in Snowflake were worth $1,344,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Legal & General Group Plc increased its holdings in shares of Snowflake by 11.5% during the second quarter. Legal & General Group Plc now owns 2,175,131 shares of the company’s stock valued at $293,838,000 after acquiring an additional 223,936 shares in the last quarter. Swedbank AB bought a new stake in Snowflake during the 1st quarter valued at about $258,957,000. Bank of New York Mellon Corp increased its stake in Snowflake by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,599,983 shares of the company’s stock valued at $216,142,000 after purchasing an additional 8,743 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Snowflake by 90.3% in the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after buying an additional 600,469 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Snowflake by 96.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,045,409 shares of the company’s stock worth $120,076,000 after buying an additional 513,214 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Down 0.9 %

Shares of NYSE:SNOW opened at $129.12 on Thursday. The company has a market capitalization of $43.28 billion, a PE ratio of -42.20 and a beta of 0.83. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72. The business’s fifty day simple moving average is $117.82 and its 200-day simple moving average is $127.89.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. Research analysts predict that Snowflake Inc. will post -2.41 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on SNOW. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 23rd. KeyCorp dropped their price objective on Snowflake from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. TD Cowen reduced their price objective on Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a report on Monday, August 19th. Bank of America lowered their target price on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Monness Crespi & Hardt upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $140.00 price target for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $171.59.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at approximately $23,998,330.16. This trade represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 30,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $120.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the executive vice president now directly owns 721,755 shares of the company’s stock, valued at $86,610,600. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,538 shares of company stock worth $7,061,544. Corporate insiders own 7.80% of the company’s stock.

Snowflake 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.