Castleark Management LLC Boosts Holdings in Snowflake Inc. $SNOW

Castleark Management LLC grew its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 151,192 shares of the company’s stock after acquiring an additional 3,082 shares during the quarter. Snowflake accounts for approximately 1.0% of Castleark Management LLC’s holdings, making the stock its 23rd biggest holding. Castleark Management LLC’s holdings in Snowflake were worth $33,165,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. GoalVest Advisory LLC increased its stake in shares of Snowflake by 221.4% in the fourth quarter. GoalVest Advisory LLC now owns 135 shares of the company’s stock worth $30,000 after buying an additional 93 shares during the period. Physician Wealth Advisors Inc. increased its stake in shares of Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock worth $31,000 after buying an additional 51 shares during the period. HHM Wealth Advisors LLC increased its stake in shares of Snowflake by 50.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after buying an additional 50 shares during the period. Ameriflex Group Inc. increased its stake in shares of Snowflake by 252.2% in the third quarter. Ameriflex Group Inc. now owns 162 shares of the company’s stock worth $37,000 after buying an additional 116 shares during the period. Finally, JPL Wealth Management LLC purchased a new position in shares of Snowflake in the third quarter worth $39,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 2,729 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $239.00, for a total transaction of $652,231.00. Following the completion of the sale, the executive vice president owned 413,002 shares of the company’s stock, valued at $98,707,478. This represents a 0.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 162,924 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $263.70, for a total transaction of $42,963,058.80. Following the sale, the director directly owned 38,046 shares of the company’s stock, valued at $10,032,730.20. The trade was a 81.07% 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 have sold 1,589,550 shares of company stock valued at $359,438,410. Insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SNOW shares. Benchmark lifted their target price on shares of Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Wedbush lifted their target price on shares of Snowflake from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. HSBC set a $289.00 target price on shares of Snowflake and gave the stock a “buy” rating in a research note on Friday, May 29th. Needham & Company LLC lifted their target price on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Finally, Barclays lifted their target price on shares of Snowflake from $272.00 to $285.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $291.77.

Snowflake Price Performance

SNOW opened at $232.38 on Friday. The stock has a 50-day moving average price of $173.64 and a 200-day moving average price of $190.21. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $80.54 billion, a PE ratio of -66.02 and a beta of 1.35. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. Sell-side analysts predict that Snowflake Inc. will post -1.87 earnings per share for the current fiscal year.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.