Polar Capital Holdings Plc Sells 105,005 Shares of Snowflake Inc. $SNOW

Polar Capital Holdings Plc reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 15.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 573,823 shares of the company’s stock after selling 105,005 shares during the quarter. Polar Capital Holdings Plc’s holdings in Snowflake were worth $125,874,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after buying an additional 29,320 shares during the period. Intech Investment Management LLC increased its stake in Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after acquiring an additional 2,167 shares during the period. Geneos Wealth Management Inc. raised its holdings in Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares in the last quarter. Flow Traders U.S. LLC bought a new stake in shares of Snowflake in the 2nd quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Snowflake by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock worth $5,055,000 after acquiring an additional 1,521 shares during the period. 65.10% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $245.21, for a total transaction of $98,819.63. Following the completion of the transaction, the director directly owned 22,106 shares of the company’s stock, valued at $5,420,612.26. This trade represents a 1.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares in the company, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,489,989 shares of company stock worth $341,929,050. Company insiders own 4.80% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SNOW shares. Oppenheimer boosted their price objective on Snowflake from $250.00 to $295.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. Raymond James Financial reaffirmed an “outperform” rating and issued a $275.00 target price on shares of Snowflake in a research report on Thursday, May 28th. Guggenheim reissued a “neutral” rating on shares of Snowflake in a report on Wednesday, February 18th. Rosenblatt Securities increased their price objective on shares of Snowflake from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Evercore set a $200.00 price objective on shares of Snowflake in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $291.77.

Snowflake Price Performance

Shares of SNOW stock opened at $239.11 on Wednesday. The stock’s fifty day simple moving average is $177.16 and its 200 day simple moving average is $189.71. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99. The firm has a market cap of $82.87 billion, a price-to-earnings ratio of -67.93 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the business earned $0.24 earnings per share. The business’s revenue was up 33.5% on a year-over-year basis. On average, analysts expect that Snowflake Inc. will post -1.87 earnings per share for the current fiscal year.

Snowflake Profile

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.