Handelsbanken Fonder AB Boosts Holdings in Snowflake Inc. (NYSE:SNOW)

Handelsbanken Fonder AB grew its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 59.3% during the 4th quarter, HoldingsChannel reports. The fund owned 96,528 shares of the company’s stock after acquiring an additional 35,916 shares during the quarter. Handelsbanken Fonder AB’s holdings in Snowflake were worth $19,209,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. FMR LLC grew its holdings in shares of Snowflake by 32.1% in the third quarter. FMR LLC now owns 6,154,085 shares of the company’s stock worth $940,160,000 after purchasing an additional 1,496,235 shares during the last quarter. Winslow Capital Management LLC bought a new position in shares of Snowflake in the third quarter worth approximately $226,302,000. Vanguard Group Inc. grew its holdings in shares of Snowflake by 4.0% in the third quarter. Vanguard Group Inc. now owns 19,428,890 shares of the company’s stock worth $2,968,152,000 after purchasing an additional 743,211 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Snowflake by 69.9% in the third quarter. Wellington Management Group LLP now owns 1,515,224 shares of the company’s stock worth $231,481,000 after purchasing an additional 623,277 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Snowflake by 19,321.5% in the fourth quarter. International Assets Investment Management LLC now owns 508,843 shares of the company’s stock worth $101,260,000 after purchasing an additional 506,223 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SNOW shares. Evercore ISI cut their target price on shares of Snowflake from $250.00 to $225.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Macquarie upgraded shares of Snowflake from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $182.00 to $205.00 in a report on Thursday, February 29th. Royal Bank of Canada cut their target price on shares of Snowflake from $255.00 to $246.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Guggenheim upgraded shares of Snowflake from a “sell” rating to a “neutral” rating in a report on Friday, March 15th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $230.00 price target on shares of Snowflake in a report on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Snowflake news, insider Benoit Dageville sold 8,515 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now owns 55,216 shares of the company’s stock, valued at approximately $8,627,500. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $210.00, for a total value of $2,100,000.00. Following the completion of the transaction, the senior vice president now directly owns 746,567 shares of the company’s stock, valued at approximately $156,779,070. The disclosure for this sale can be found here. In the last 90 days, insiders sold 178,209 shares of company stock valued at $36,391,592. 8.30% of the stock is owned by insiders.

Snowflake Stock Up 1.2 %

SNOW opened at $147.21 on Tuesday. The stock has a 50-day moving average price of $176.10 and a 200-day moving average price of $179.38. Snowflake Inc. has a 1 year low of $135.26 and a 1 year high of $237.72.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The firm had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. As a group, equities research analysts expect that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

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.