CIBC Asset Management Inc Reduces Stock Position in Snowflake Inc. (NYSE:SNOW)

Posted by Defense World Staff on Jun 12th, 2023

CIBC Asset Management Inc lessened its position in shares of Snowflake Inc. (NYSE:SNOW – Get Rating) by 22.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,386 shares of the company’s stock after selling 3,038 shares during the quarter. CIBC Asset Management Inc’s holdings in Snowflake were worth $1,491,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Snowflake by 8.3% in the third quarter. Vanguard Group Inc. now owns 17,293,889 shares of the company’s stock worth $2,939,269,000 after buying an additional 1,327,410 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Snowflake by 25.7% in the third quarter. BlackRock Inc. now owns 12,567,822 shares of the company’s stock worth $2,136,029,000 after buying an additional 2,569,953 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Snowflake by 13.8% in the fourth quarter. Jennison Associates LLC now owns 6,204,851 shares of the company’s stock worth $890,644,000 after buying an additional 754,039 shares during the last quarter. State Street Corp boosted its stake in shares of Snowflake by 30.6% in the third quarter. State Street Corp now owns 5,657,938 shares of the company’s stock worth $961,623,000 after buying an additional 1,324,033 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Snowflake by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 2,883,538 shares of the company’s stock worth $413,381,000 after buying an additional 133,971 shares during the last quarter. Hedge funds and other institutional investors own 65.31% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW traded down $0.60 during midday trading on Monday, hitting $170.05. 2,118,747 shares of the stock were exchanged, compared to its average volume of 5,869,236. Snowflake Inc. has a 52-week low of $110.26 and a 52-week high of $205.66. The stock has a fifty day simple moving average of $157.62 and a 200 day simple moving average of $149.74. The firm has a market cap of $55.42 billion, a P/E ratio of -63.81 and a beta of 0.74.

Insider Activity

In other news, Director John Dennis Mcmahon sold 1,000 shares of the stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $144.59, for a total value of $144,590.00. Following the sale, the director now directly owns 153,902 shares in the company, valued at $22,252,690.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Snowflake news, Director John Dennis Mcmahon sold 1,000 shares of the firm’s stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $144.59, for a total value of $144,590.00. Following the sale, the director now directly owns 153,902 shares in the company, valued at $22,252,690.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benoit Dageville sold 57,963 shares of the firm’s stock in a transaction on Wednesday, March 22nd. The shares were sold at an average price of $142.00, for a total value of $8,230,746.00. Following the completion of the sale, the insider now owns 43,063 shares in the company, valued at $6,114,946. The disclosure for this sale can be found here. Over the last three months, insiders have sold 238,983 shares of company stock worth $34,276,778. Corporate insiders own 8.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SNOW. Wolfe Research downgraded Snowflake from an “outperform” rating to a “peer perform” rating in a research note on Thursday, May 25th. Morgan Stanley reduced their price target on Snowflake from $225.00 to $215.00 and set an “overweight” rating for the company in a report on Friday, March 3rd. JMP Securities reduced their price target on Snowflake from $215.00 to $200.00 in a report on Thursday, May 25th. Loop Capital reduced their price target on Snowflake from $200.00 to $195.00 in a report on Thursday, May 25th. Finally, Barclays reduced their price target on Snowflake from $171.00 to $165.00 in a report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.17.

Snowflake Profile

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Snowflake Inc provides a cloud-based data platform in the United States and internationally. The company's 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. Its platform is used by various organizations of sizes in a range of industries.