Altimeter Capital Management LP Sells 2,030,926 Shares of Snowflake Inc. $SNOW

Key Points

• Altimeter Capital Management LP has reduced its stake in Snowflake Inc. by 40.8%, selling over 2 million shares and now owning approximately 2.9 million shares, which constitutes 8.7% of their investment portfolio.
• Major investors like Goldman Sachs and Berkshire Capital Holdings have increased their positions in Snowflake, with Goldman Sachs acquiring an additional 650,775 shares during the first quarter.
• Despite a recent earnings beat with an EPS of $0.35, Snowflake has a negative return on equity of 41.42% and a strong institutional ownership rate of 65.1%.

Altimeter Capital Management LP reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 40.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,947,384 shares of the company's stock after selling 2,030,926 shares during the quarter. Snowflake comprises about 8.7% of Altimeter Capital Management LP's investment portfolio, making the stock its 4th biggest position. Altimeter Capital Management LP owned 0.89% of Snowflake worth $430,790,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Goldman Sachs Group Inc. increased its position in shares of Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after acquiring an additional 650,775 shares during the last quarter. CenterBook Partners LP bought a new position in Snowflake during the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. lifted its holdings in Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after buying an additional 7,150 shares during the last quarter. Lyell Wealth Management LP lifted its holdings in Snowflake by 5.1% during the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after buying an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Snowflake during the 1st quarter worth approximately $898,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on SNOW shares. Cowen reaffirmed a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Guggenheim restated a "neutral" rating on shares of Snowflake in a research note on Thursday, August 28th. JMP Securities restated a "market outperform" rating and issued a $260.00 target price on shares of Snowflake in a research note on Tuesday, August 26th. BTIG Research lifted their target price on Snowflake from $235.00 to $276.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, HSBC downgraded Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Two 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $233.62 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a 50 day simple moving average of $212.12 and a 200-day simple moving average of $186.53. The company has a market cap of $78.00 billion, a PE ratio of -56.29 and a beta of 1.22. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last issued 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. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The business's revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 earnings per share. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity

In other news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 3,216,909 shares of company stock worth $717,287,181 in the last three months. Insiders own 6.80% of the company's stock.

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.

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