Jericho Capital Asset Management L.P. Invests $345.62 Million in Snowflake Inc. $SNOW

Jericho Capital Asset Management L.P. purchased a new stake in Snowflake Inc. (NYSE:SNOW) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,575,580 shares of the company’s stock, valued at approximately $345,619,000. Snowflake makes up 3.9% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 10th biggest holding. Jericho Capital Asset Management L.P. owned 0.46% of Snowflake as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Jennison Associates LLC boosted its holdings in Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after buying an additional 2,519,413 shares in the last quarter. Nuveen LLC grew its position in Snowflake by 2.3% during the fourth quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after buying an additional 116,521 shares during the period. Geode Capital Management LLC increased its holdings in Snowflake by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock valued at $1,052,195,000 after buying an additional 249,668 shares in the last quarter. Finally, Norges Bank purchased a new position in Snowflake in the fourth quarter valued at about $974,091,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

SNOW has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on Snowflake from $216.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Benchmark boosted their target price on Snowflake from $200.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Zacks Research upgraded Snowflake from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Evercore set a $200.00 price target on Snowflake in a research note on Tuesday, April 14th. Finally, Scotiabank increased their price objective on shares of Snowflake from $285.00 to $320.00 and gave the company a “sector outperform” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $291.77.

Snowflake Stock Performance

Snowflake stock opened at $234.24 on Thursday. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. The company has a market capitalization of $81.19 billion, a price-to-earnings ratio of -66.55 and a beta of 1.35. The stock has a fifty day moving average of $178.86 and a two-hundred day moving average of $189.60. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $1.39 billion for 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%.The business’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. On average, analysts anticipate that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 2,986 shares of Snowflake stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $240.00, for a total transaction of $716,640.00. Following the completion of the sale, the executive vice president directly owned 405,652 shares in the company, valued at $97,356,480. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 Mark Garrett sold 100,000 shares of the business’s stock in a transaction that occurred on 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 directly owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This represents a 91.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,493,618 shares of company stock worth $343,531,621 over the last three months. Company insiders own 4.80% of the company’s stock.

Key Headlines Impacting Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Snowflake announced that Unlimitail chose its platform to power a privacy-preserving retail media data hub across Europe and Latin America, expanding Snowflake’s footprint in retail media and highlighting demand for its data clean room and AI data cloud products. BusinessWire article
• Positive Sentiment: Analysts at Jefferies said Snowflake still looks well-positioned despite rising competition from Databricks, arguing that both firms can benefit from continued enterprise spending on data and AI infrastructure. Proactive Investors article
• Positive Sentiment: Another analyst note said Snowflake remains attractive because of its strong cash flow and relatively lower valuation versus its growth profile, supporting the stock’s investment case. Benzinga article
• Neutral Sentiment: Snowflake also said EDO is expanding its use of Snowflake Cortex AI to power ChatEDO, a sign that customers continue to build AI products on the platform. Yahoo Finance article
• Negative Sentiment: Snowflake insiders, including director Frank Slootman, SVP Vivek Raghunathan, and EVP Christian Kleinerman, sold shares under pre-arranged Rule 10b5-1 plans to cover tax withholding on equity awards. While routine, insider selling can still weigh on sentiment. SEC filing
• Negative Sentiment: Investor focus also remains on intensifying competition from Databricks, which may pressure Snowflake’s growth narrative even as analysts say both companies can coexist. Proactive Investors article

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.