Snowflake Inc. $SNOW Shares Acquired by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC increased its position in Snowflake Inc. (NYSE:SNOW) by 17.6% in the fourth quarter, Holdings Channel reports. The firm owned 140,461 shares of the company’s stock after purchasing an additional 21,017 shares during the quarter. Summit Partners Public Asset Management LLC’s holdings in Snowflake were worth $30,812,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNOW. Norges Bank acquired a new position in shares of Snowflake in the 4th quarter worth approximately $974,091,000. Jennison Associates LLC lifted its holdings in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares during the last quarter. Coatue Management LLC acquired a new position in Snowflake in the third quarter valued at approximately $441,277,000. American Century Companies Inc. grew its holdings in shares of Snowflake by 233.3% during the third quarter. American Century Companies Inc. now owns 2,104,925 shares of the company’s stock valued at $474,766,000 after purchasing an additional 1,473,354 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after purchasing an additional 1,448,094 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SNOW. UBS Group set a $320.00 price target on Snowflake in a research report on Wednesday, June 3rd. Citigroup increased their price target on Snowflake from $260.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Monness Crespi & Hardt increased their price target on Snowflake from $282.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Stifel Nicolaus increased their price target on Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Bank of America increased their price target on Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $291.77.

Snowflake Stock Down 0.7%

SNOW opened at $239.11 on Wednesday. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. 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 stock has a market cap of $82.87 billion, a P/E ratio of -67.93 and a beta of 1.35. The stock’s 50 day moving average price is $177.16 and its 200 day moving average price is $189.71.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.24 EPS. The firm’s revenue was up 33.5% compared to the same quarter last year. As a group, research analysts predict that Snowflake Inc. will post -1.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction on Friday, June 5th. The stock was sold at an average price of $245.21, for a total transaction of $98,819.63. Following the transaction, the director directly owned 22,106 shares in the company, valued at approximately $5,420,612.26. This trade represents a 1.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,729 shares of Snowflake stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $239.00, for a total value of $652,231.00. Following the transaction, the executive vice president owned 413,002 shares in the company, valued at approximately $98,707,478. This trade represents a 0.66% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,489,989 shares of company stock valued at $341,929,050 in the last quarter. 4.80% of the stock is owned by insiders.

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.