The Vanguard Group, Inc. recently announced the acquisition of new stake in Snowflake Inc (NYSE:SNOW). The institutional investor has increased its shareholding in the Technology company by 4.01% to 18.76 million shares with purchase of 0.72 million shares. This fresh investment now brings its stake to 5.69% valued currently at $2.72 billion. In addition, Altimeter Capital Management LP raised its holdings by 30675.0 to 15.4 million shares. And BlackRock Fund Advisors has lifted its position by 5.72% or 0.57 million shares – to 10.49 million shares.
With over 8.51 million Snowflake Inc (SNOW) shares trading Monday and a closing price of $188.30 on the day, the dollar volume was approximately $1.6 billion. The shares have shown a positive half year performance of 3.60% and its price on 12/04/23 gained nearly 1.25%. Currently, there are 323.31M common shares owned by the public and among those 301.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 43 analysts who have offered their price forecasts for SNOW have a consensus price objective of $217.06. The analysts have set the share’s price value over the next 12 months at a high of $600.00 and a low of $120.00. The average price target is 13.25% above its recent price level and a downside to the estimated low will see the stock lose -56.92% over that period. But an upside of 68.62% will see the stock hit the forecast high price target while median target price for the stock is $212.00.
Insiders at the company have transacted a total of 246 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 58 of these insider trades were purchases, accounting for 2,778,194 shares. Insider sales of the common stock occurred on 188 occasions, with total insider shares sold totaling 3,369,458 shares.
The top 3 mutual fund holders in Snowflake Inc are Vanguard Total Stock Market ETF, Vanguard Extended Market Index Fu, and Government Pension Fund – Global. Vanguard Total Stock Market ETF owns 8.67 million shares of the company’s stock, all valued at over $1.26 billion. The company bought an additional 41000.0 shares recently to bring their total holdings to about 2.63% of the shares outstanding. Vanguard Extended Market Index Fu bought 73791.0 shares to see its total holdings expand to 4.49 million shares valued at over $651.18 million and representing 1.36% of the shares outstanding. Government Pension Fund – Global bought 1.44 million shares to bring its total holdings to over 3.43 million shares at a value of $497.46 million. Government Pension Fund – Global now owns shares totaling to 1.04% of the shares outstanding.
Shares of Snowflake Inc (NYSE: SNOW) opened at $184.81, down -$1.16 from a prior closing price of $185.97. However, the script later moved the day high at 191.00, up 1.25%. The company’s stock has a 5-day price change of 10.57% and 18.15% over the past three months. SNOW shares are trading 31.18% year to date (YTD), with the 12-month market performance up to 22.24% higher. It has a 12-month low price of $119.27 and touched a high of $193.94 over the same period. SNOW has an average intraday trading volume of 4.38 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.99%, 19.97%, and 18.69% respectively.
Institutional ownership of Snowflake Inc (NYSE: SNOW) shares accounts for 59.41% of the company’s 323.31M shares outstanding. Mutual fund holders own 31.42%, while other institutional holders and individual stakeholders account for 35.25% and 28.53% respectively.
It has a market capitalization of $62.08B and a beta (3y monthly) value of 0.96. The earnings-per-share (ttm) stands at -$2.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.92% over the week and 3.52% over the month.
Analysts forecast that Snowflake Inc (SNOW) will achieve an EPS of $0.17 for the current quarter, $0.22 for the next quarter and $1.13 for 2025. The lowest estimate earnings-per-share for the quarter is $0.04 while analysts give the company a high EPS estimate of $0.37. Comparatively, EPS for the current quarter was $0.14 a year ago. Earnings per share for the fiscal year are expected to increase by 217.27%, and 40.53% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 43 brokerage firm advisors rate Snowflake Inc (SNOW) as a “Strong Buy” at a consensus score of 1.79. Specifically, 24 Wall Street analysts polled rate the stock as a buy, while 12 of the 43 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the SNOW, a number of firms have released research notes about the stock. Oppenheimer stated their Outperform rating for the stock in a research note on November 30, 2023, with the firm’s price target at $220-$240.
