3,803,001 Shares in Snowflake Inc. (NYSE:SNOW) Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a significant stake in Snowflake Inc., purchasing 3,803,001 shares valued at approximately $555.8 million, representing about 1.15% ownership of the company.
• Snowflake's Director, Frank Slootman, sold 424,852 shares for over $93 million, marking a 71.97% reduction in his position.
• Snowflake Inc. reported a year-over-year revenue growth of 25.8%, achieving $1.04 billion for the quarter, with a consensus target price of $226.73 from analysts.

Nuveen LLC purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,803,001 shares of the company's stock, valued at approximately $555,847,000. Nuveen LLC owned about 1.15% of Snowflake as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNOW. Brighton Jones LLC increased its position in shares of Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the period. Envestnet Asset Management Inc. raised its position in Snowflake by 27.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 263,073 shares of the company's stock worth $40,621,000 after purchasing an additional 57,337 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Snowflake by 74.6% during the 4th quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock valued at $33,000 after acquiring an additional 91 shares during the last quarter. FIL Ltd increased its position in shares of Snowflake by 99.0% in the 4th quarter. FIL Ltd now owns 2,686 shares of the company's stock valued at $415,000 after buying an additional 1,336 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in Snowflake by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 139,056 shares of the company's stock worth $21,472,000 after purchasing an additional 880 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Buying and Selling at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the sale, the chief financial officer owned 292,610 shares in the company, valued at approximately $60,090,389.60. This trade represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,014,642 shares of company stock valued at $657,325,186 in the last ninety days. Corporate insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SNOW shares. Piper Sandler reiterated an "overweight" rating and issued a $215.00 target price (up from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Citigroup reiterated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. HSBC downgraded shares of Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Wells Fargo & Company reiterated an "overweight" rating and issued a $250.00 target price (up previously from $225.00) on shares of Snowflake in a research note on Friday, June 13th. Finally, Cantor Fitzgerald increased their price objective on shares of Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Stock Up 0.9%

NYSE:SNOW traded up $1.80 during mid-day trading on Wednesday, hitting $194.86. The stock had a trading volume of 885,793 shares, compared to its average volume of 5,058,208. The stock has a 50-day simple moving average of $213.29 and a two-hundred day simple moving average of $184.22. The company has a market capitalization of $65.05 billion, a PE ratio of -46.29 and a beta of 1.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the firm posted $0.14 earnings per share. The company's revenue for the quarter was up 25.8% compared to the same quarter last year. On average, equities research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Snowflake Company Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.