Alliancebernstein L.P. Purchases 19,403 Shares of Snowflake Inc. $SNOW

Key Points

• AllianceBernstein L.P. increased its stake in Snowflake Inc. by 6.9%, acquiring an additional 19,403 shares, bringing its total holdings to 302,099 shares valued at approximately $44.2 million.
• Insider Frank Slootman sold 710,083 shares of Snowflake stock, representing an 81.1% decrease in his ownership, while insiders collectively sold over 3 million shares valued at around $709 million in the last three months.
• Snowflake reported $1.14 billion in revenue for the recent quarter, exceeding expectations and showing a 31.8% increase year-over-year, with earnings per share (EPS) of $0.35, surpassing the consensus estimate.

Alliancebernstein L.P. lifted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 6.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 302,099 shares of the company's stock after buying an additional 19,403 shares during the quarter. Alliancebernstein L.P. owned approximately 0.09% of Snowflake worth $44,155,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNOW. Opal Wealth Advisors LLC bought a new position in shares of Snowflake during the 1st quarter worth $26,000. CVA Family Office LLC boosted its position in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. Spurstone Advisory Services LLC bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Capital A Wealth Management LLC bought a new stake in Snowflake during the fourth quarter valued at about $31,000. Finally, Golden State Wealth Management LLC boosted its position in Snowflake by 748.0% during the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after purchasing an additional 187 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Activity

In other news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 3,176,168 shares of company stock valued at $708,898,070 in the last three months. Company insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SNOW shares. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, August 28th. Sanford C. Bernstein raised their price objective on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Oppenheimer raised their price objective on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Bank of America upgraded Snowflake from a "neutral" rating to a "buy" rating and increased their price target for the company from $220.00 to $240.00 in a research note on Wednesday, August 20th. Finally, Royal Bank Of Canada raised their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Trading Up 1.6%

Shares of NYSE:SNOW opened at $225.47 on Monday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $249.99. The stock has a market cap of $75.28 billion, a price-to-earnings ratio of -54.33 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $212.34 and a 200-day moving average price of $187.31.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same period last year, the business posted $0.18 earnings per share. The company's revenue for the quarter was up 31.8% compared to the same quarter last year. Equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Snowflake 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.

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