Korea Investment CORP Raises Stock Position in Snowflake Inc. (NYSE:SNOW)

Korea Investment CORP lifted its stake in Snowflake Inc. (NYSE:SNOW) by 74.4% in the 4th quarter, HoldingsChannel reports. The firm owned 283,576 shares of the company’s stock after buying an additional 120,961 shares during the quarter. Korea Investment CORP’s holdings in Snowflake were worth $43,787,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SNOW. GQG Partners LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $750,572,000. Jennison Associates LLC boosted its holdings in shares of Snowflake by 92.2% during the 4th quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after buying an additional 3,662,671 shares in the last quarter. Two Sigma Advisers LP grew its position in shares of Snowflake by 27.9% in the 3rd quarter. Two Sigma Advisers LP now owns 4,043,200 shares of the company’s stock worth $464,402,000 after buying an additional 881,700 shares during the period. Raymond James Financial Inc. bought a new position in shares of Snowflake in the 4th quarter worth about $124,433,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in Snowflake by 165.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 534,900 shares of the company’s stock valued at $61,439,000 after acquiring an additional 333,500 shares during the period. Institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $155.00, for a total value of $15,500,000.00. Following the transaction, the director now directly owns 195,281 shares in the company, valued at $30,268,555. The trade was a 33.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 300,000 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now owns 292,610 shares of the company’s stock, valued at $47,756,878.10. This represents a 50.62 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 603,968 shares of company stock worth $99,863,550. 7.80% of the stock is owned by company insiders.

Snowflake Stock Performance

Shares of SNOW opened at $157.01 on Friday. The business has a 50-day simple moving average of $172.39 and a two-hundred day simple moving average of $150.74. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $194.40. The stock has a market cap of $51.83 billion, a price-to-earnings ratio of -46.31 and a beta of 1.07.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald upped their price objective on shares of Snowflake from $201.00 to $228.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Stifel Nicolaus upped their price target on Snowflake from $187.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. KeyCorp lifted their price objective on Snowflake from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a research note on Thursday, February 27th. Finally, Oppenheimer raised their price target on Snowflake from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, February 27th. Nine analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.08.

Snowflake Company 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.