Cibc World Markets Corp Lowers Stake in Snowflake Inc. (NYSE:SNOW)

Cibc World Markets Corp cut its stake in Snowflake Inc. (NYSE:SNOW) by 40.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,652 shares of the company’s stock after selling 9,116 shares during the period. Cibc World Markets Corp’s holdings in Snowflake were worth $2,108,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SNOW. Groupama Asset Managment purchased a new position in shares of Snowflake in the 3rd quarter worth about $25,000. Stonebridge Financial Group LLC purchased a new stake in Snowflake in the fourth quarter worth approximately $29,000. Blue Bell Private Wealth Management LLC grew its position in Snowflake by 189.5% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company’s stock valued at $34,000 after acquiring an additional 144 shares during the last quarter. Perkins Coie Trust Co raised its stake in shares of Snowflake by 136.3% during the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company’s stock worth $37,000 after acquiring an additional 139 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Snowflake in the 4th quarter worth approximately $38,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 0.5 %

NYSE:SNOW opened at $157.94 on Friday. The stock has a market cap of $52.14 billion, a price-to-earnings ratio of -46.59 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average price is $172.74 and its 200-day moving average price is $149.34. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $194.40.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 861 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $165.31, for a total transaction of $142,331.91. Following the sale, the executive vice president now owns 582,930 shares of the company’s stock, valued at $96,364,158.30. This trade represents a 0.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Emily Ho sold 1,508 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $163.17, for a total transaction of $246,060.36. Following the transaction, the chief accounting officer now directly owns 44,760 shares of the company’s stock, valued at $7,303,489.20. The trade was a 3.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 298,429 shares of company stock valued at $50,065,812. 7.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SNOW. Mizuho lifted their target price on shares of Snowflake from $195.00 to $205.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and issued a $190.00 price objective on shares of Snowflake in a report on Tuesday, December 3rd. Citigroup increased their target price on Snowflake from $225.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Bank of America lifted their price target on Snowflake from $185.00 to $205.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Oppenheimer increased their price objective on Snowflake from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Nine investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $205.08.

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.