Independence Bank of Kentucky Increases Stake in Snowflake Inc. (NYSE:SNOW)

Independence Bank of Kentucky raised its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 2.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,122 shares of the company’s stock after buying an additional 150 shares during the quarter. Independence Bank of Kentucky’s holdings in Snowflake were worth $1,041,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Snowflake in the fourth quarter worth about $988,950,000. GQG Partners LLC acquired a new stake in Snowflake in the 4th quarter valued at about $750,572,000. FMR LLC lifted its stake in Snowflake by 84.9% in the 4th quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after purchasing an additional 2,805,425 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Snowflake by 124.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company’s stock worth $612,817,000 after purchasing an additional 2,200,406 shares during the last quarter. Finally, Groupama Asset Managment grew its position in shares of Snowflake by 930,132.6% in the fourth quarter. Groupama Asset Managment now owns 2,000,000 shares of the company’s stock valued at $308,820,000 after purchasing an additional 1,999,785 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 0.3%

Shares of SNOW stock opened at $210.78 on Friday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $214.83. The company has a 50 day moving average price of $169.37 and a 200 day moving average price of $169.43. The stock has a market capitalization of $70.37 billion, a P/E ratio of -62.18 and a beta of 1.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. Snowflake’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 EPS. Equities research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $205.67, for a total transaction of $2,056,700.00. Following the completion of the sale, the executive vice president now owns 570,632 shares in the company, valued at approximately $117,361,883.44. The trade was a 1.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $129.25, for a total transaction of $52,087.75. Following the completion of the sale, the director now directly owns 26,375 shares of the company’s stock, valued at approximately $3,408,968.75. This trade represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,779 shares of company stock worth $159,318,643 in the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SNOW. Cowen reiterated a “buy” rating on shares of Snowflake in a research report on Thursday, May 22nd. HSBC lowered Snowflake from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. KeyCorp lowered their price target on shares of Snowflake from $220.00 to $192.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Citigroup restated an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Monness Crespi & Hardt lifted their target price on shares of Snowflake from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $221.97.

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.