5,783 Snowflake Inc. $SNOW Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Snowflake stake by 37.4% in the third quarter, selling 5,783 shares and retaining 9,694 shares valued at approximately $3.29 million.
• Institutional ownership remains substantial at 65.1%, while analysts maintain a favorable outlook: 36 rate Snowflake a Buy, with a consensus price target of $413.87.
• Insiders have sold roughly $408.8 million of stock over the past 90 days, including Frank Slootman’s $94.9 million sale; meanwhile, Snowflake’s latest quarterly revenue rose 35.1% year over year and exceeded estimates.

Sterling Capital Management LLC lowered its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 37.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,694 shares of the company's stock after selling 5,783 shares during the quarter. Sterling Capital Management LLC's holdings in Snowflake were worth $3,292,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC boosted its stake in shares of Snowflake by 22.2% during the first quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company's stock valued at $452,014,000 after purchasing an additional 544,960 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Snowflake by 44.7% during the first quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company's stock valued at $392,259,000 after buying an additional 803,110 shares during the period. Assenagon Asset Management S.A. raised its stake in Snowflake by 134.5% in the third quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company's stock worth $268,351,000 after buying an additional 453,342 shares in the last quarter. Swedbank AB raised its stake in Snowflake by 24.0% in the first quarter. Swedbank AB now owns 1,649,771 shares of the company's stock worth $248,818,000 after buying an additional 319,356 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Snowflake by 76.9% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company's stock worth $176,736,000 after buying an additional 509,230 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SNOW. Cantor Fitzgerald upped their target price on Snowflake from $405.00 to $430.00 and gave the stock an "overweight" rating in a report on Thursday, September 3rd. Rosenblatt Securities lifted their price target on Snowflake from $285.00 to $345.00 and gave the company a "buy" rating in a report on Tuesday, September 1st. Guggenheim reissued a "neutral" rating on shares of Snowflake in a research report on Thursday, September 3rd. DA Davidson boosted their price target on Snowflake from $300.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Finally, Raymond James Financial upped their price objective on Snowflake from $275.00 to $425.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Thirty-six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $413.87.

Insider Activity

In other Snowflake news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $341.57, for a total value of $5,123,550.00. Following the completion of the sale, the executive vice president directly owned 313,738 shares in the company, valued at approximately $107,163,488.66. This trade represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 300,000 shares of the firm's stock in a transaction on Monday, October 19th. The stock was sold at an average price of $316.43, for a total transaction of $94,929,000.00. Following the completion of the transaction, the director directly owned 19,024 shares of the company's stock, valued at approximately $6,019,764.32. This represents a 94.04% 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. In the last 90 days, insiders have sold 1,246,429 shares of company stock worth $408,832,628. Company insiders own 4.80% of the company's stock.

Key Snowflake News

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Cloud software shares are rebounding, providing a favorable sector backdrop for Snowflake. Investors are focusing on demand for cloud infrastructure, data analytics and application security. Cloud Stocks Rebound
• Positive Sentiment: New partnerships with Adstra, Lumen Technologies and ATTOM are expanding use of Snowflake’s AI Data Cloud across marketing, networking, property data and secure AI workloads. Greater integration could increase customer usage and consumption-based revenue over time. Snowflake AI Partnerships
• Positive Sentiment: Recent commentary from analysts and investment managers highlights Snowflake’s AI momentum, accelerating product adoption and potential to benefit from a multiyear enterprise AI spending cycle. Some analysts view SNOW as a more attractive enterprise AI opportunity than Broadcom or Salesforce. Snowflake Versus Broadcom
• Neutral Sentiment: Comparisons with Salesforce frame Snowflake as the faster-growing, specialized data-cloud company, while Salesforce offers greater profitability and scale. The debate may attract investors but does not create an immediate change to Snowflake’s outlook. Salesforce Versus Snowflake
• Negative Sentiment: Coverage questioning whether Snowflake is fully valued points to recent share-price momentum and the risk that substantial AI expectations are already reflected in the stock. Investors may require evidence that partnerships translate into sustained revenue and earnings growth. Is Snowflake Fully Valued?
• Negative Sentiment: Director Frank Slootman sold 300,000 shares worth approximately $94.9 million, reducing his stake by 94%. The transaction was made under a pre-arranged Rule 10b5-1 plan, limiting its signaling value, but the size of the sale may weigh on sentiment. Slootman Insider Sale

Snowflake Trading Down 0.1%

NYSE:SNOW opened at $325.26 on Monday. The stock has a market capitalization of $114.75 billion, a price-to-earnings ratio of -102.28 and a beta of 1.35. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $384.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. The firm has a 50 day moving average of $331.76 and a 200 day moving average of $261.53.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.17. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The business's revenue for the quarter was up 35.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 earnings per share. As a group, sell-side analysts anticipate that Snowflake Inc. will post -1.44 earnings per share for the current fiscal year.

About Snowflake

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.