Snowflake Inc. (NYSE:SNOW) Stock Position Lifted by Lazard Asset Management LLC

Lazard Asset Management LLC grew its holdings in Snowflake Inc. (NYSE:SNOW) by 4,766.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 443,660 shares of the company’s stock after acquiring an additional 434,543 shares during the period. Lazard Asset Management LLC owned 0.13% of Snowflake worth $71,695,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SNOW. Norges Bank bought a new stake in Snowflake in the fourth quarter worth approximately $838,455,000. Vanguard Group Inc. grew its position in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock worth $4,176,755,000 after acquiring an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in Snowflake in the first quarter worth approximately $171,608,000. Trivest Advisors Ltd bought a new stake in Snowflake in the fourth quarter worth approximately $173,747,000. Finally, Cibc World Markets Corp bought a new stake in Snowflake in the fourth quarter worth approximately $147,120,000. 65.10% of the stock is owned by institutional investors.

Snowflake Price Performance

Shares of SNOW traded down $0.59 during trading hours on Friday, hitting $129.00. The stock had a trading volume of 3,377,909 shares, compared to its average volume of 5,308,795. The company’s fifty day moving average is $136.95 and its two-hundred day moving average is $164.86. Snowflake Inc. has a 52 week low of $122.60 and a 52 week high of $237.72. The stock has a market capitalization of $43.19 billion, a price-to-earnings ratio of -46.07 and a beta of 0.85.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. The company had revenue of $828.71 million for the quarter, compared to the consensus estimate of $786.95 million. Equities analysts predict that Snowflake Inc. will post -2.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 546 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total transaction of $70,608.72. Following the sale, the executive vice president now owns 756,489 shares of the company’s stock, valued at approximately $97,829,157.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Snowflake news, CAO Emily Ho sold 6,500 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $158.36, for a total transaction of $1,029,340.00. Following the transaction, the chief accounting officer now directly owns 36,076 shares in the company, valued at approximately $5,712,995.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 546 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $129.32, for a total transaction of $70,608.72. Following the transaction, the executive vice president now owns 756,489 shares in the company, valued at $97,829,157.48. The disclosure for this sale can be found here. Insiders have sold a total of 533,460 shares of company stock valued at $66,963,450 in the last 90 days. 7.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Stifel Nicolaus reduced their price objective on shares of Snowflake from $220.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. Canaccord Genuity Group reduced their price objective on shares of Snowflake from $230.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Bank of America restated a “neutral” rating and issued a $200.00 price objective on shares of Snowflake in a research note on Wednesday, June 12th. UBS Group boosted their price objective on shares of Snowflake from $185.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, May 23rd. Finally, KeyCorp boosted their price objective on shares of Snowflake from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $197.31.

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.