Mirae Asset Global Investments Co. Ltd. Acquires New Holdings in Snowflake Inc. $SNOW

Mirae Asset Global Investments Co. Ltd. purchased a new position in Snowflake Inc. (NYSE:SNOW) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 98,304 shares of the company’s stock, valued at approximately $33,380,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Basecamp Wealth Advisors LLC boosted its holdings in shares of Snowflake by 140.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock valued at $30,000 after buying an additional 118 shares in the last quarter. Emerald Advisers LLC grew its position in shares of Snowflake by 95.2% in the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after buying an additional 100 shares during the last quarter. Reyes Financial Architecture Inc. bought a new position in shares of Snowflake during the 3rd quarter worth approximately $32,000. Mather Group LLC. raised its stake in shares of Snowflake by 98.0% during the 3rd quarter. Mather Group LLC. now owns 101 shares of the company’s stock worth $34,000 after acquiring an additional 50 shares in the last quarter. Finally, Ninety One UK Ltd bought a new position in shares of Snowflake during the 3rd quarter worth approximately $36,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Trading Down 0.4%

Shares of NYSE:SNOW opened at $304.86 on Monday. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $384.56. The company has a market capitalization of $107.55 billion, a PE ratio of -95.87 and a beta of 1.32. The business has a 50 day moving average of $331.88 and a two-hundred day moving average of $239.75. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, September 2nd. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 35.1% on a year-over-year basis. As a group, analysts forecast that Snowflake Inc. will post -1.42 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on SNOW shares. Bank of America lifted their price target on shares of Snowflake from $330.00 to $395.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Scotiabank reiterated a “sector outperform” rating and set a $440.00 price objective (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. JPMorgan Chase & Co. raised their price objective on Snowflake from $285.00 to $426.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Monness Crespi & Hardt raised their price objective on Snowflake from $380.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Finally, Piper Sandler restated an “overweight” rating and set a $450.00 target price (up from $320.00) on shares of Snowflake in a research note on Thursday, September 3rd. Thirty-six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $413.87.

Insider Transactions at Snowflake

In other Snowflake news, CAO Emily Ho sold 768 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $332.93, for a total value of $255,690.24. Following the completion of the sale, the chief accounting officer owned 39,958 shares in the company, valued at approximately $13,303,216.94. This represents a 1.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $344.00, for a total value of $138,632.00. Following the transaction, the director owned 21,767 shares in the company, valued at approximately $7,487,848. The trade was a 1.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,206,443 shares of company stock valued at $396,866,828. Insiders own 4.80% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.