M&G Plc Acquires New Holdings in Snowflake Inc. (NYSE:SNOW)

M&G Plc acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 7,608 shares of the company’s stock, valued at approximately $1,232,000.

A number of other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Snowflake by 8.0% during the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after purchasing an additional 1,559,830 shares during the period. Jennison Associates LLC grew its holdings in Snowflake by 3.7% during the first quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after purchasing an additional 249,249 shares during the period. Sands Capital Management LLC grew its holdings in Snowflake by 12.6% during the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after purchasing an additional 610,970 shares during the period. Norges Bank acquired a new position in shares of Snowflake in the fourth quarter valued at approximately $838,455,000. Finally, WCM Investment Management LLC boosted its holdings in shares of Snowflake by 0.6% in the first quarter. WCM Investment Management LLC now owns 1,848,043 shares of the company’s stock valued at $298,644,000 after buying an additional 11,677 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SNOW. Robert W. Baird reduced their price target on shares of Snowflake from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Wells Fargo & Company reduced their price target on shares of Snowflake from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, June 21st. StockNews.com cut shares of Snowflake from a “hold” rating to a “sell” rating in a report on Friday, May 24th. JMP Securities reissued a “market outperform” rating and issued a $235.00 price objective on shares of Snowflake in a research report on Tuesday, June 4th. Finally, Barclays boosted their price objective on shares of Snowflake from $188.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.31.

Insiders Place Their Bets

In other 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 value of $70,608.72. Following the completion of the transaction, the executive vice president now owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 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 value of $70,608.72. Following the completion of the transaction, the executive vice president now owns 756,489 shares of the company’s stock, valued at $97,829,157.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 848 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares of the company’s stock, valued at approximately $607,236.06. The disclosure for this sale can be found here. Insiders have sold 533,460 shares of company stock worth $66,963,450 over the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Snowflake Trading Up 0.0 %

Snowflake stock traded up $0.01 during trading hours on Friday, reaching $129.85. 3,411,236 shares of the stock were exchanged, compared to its average volume of 6,666,807. The company has a market cap of $43.47 billion, a P/E ratio of -46.37 and a beta of 0.85. Snowflake Inc. has a twelve month low of $122.60 and a twelve month high of $237.72. The stock has a 50 day moving average of $140.23 and a two-hundred day moving average of $166.97.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 22nd. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.40). The firm had revenue of $828.71 million for the quarter, compared to analyst estimates of $786.95 million. Snowflake had a negative return on equity of 15.99% and a negative net margin of 30.80%. On average, analysts expect that Snowflake Inc. will post -2.28 earnings per share 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.