Artisan Partners Limited Partnership Sells 1,993,159 Shares of Snowflake Inc. $SNOW

Key Points

• Artisan Partners cut its Snowflake stake by 51.8% in the fourth quarter, selling 1,993,159 shares and leaving it with 1,854,894 shares valued at about $406.9 million.
• Insider selling has also been notable, including director Mark Garrett’s sale of 100,000 shares for $25 million; insiders sold 1,489,989 shares worth $341.9 million over the last 90 days.
• Analysts remain broadly positive on Snowflake, with an average “Moderate Buy” rating and an average price target of $291.77, while the stock recently traded at $239.11 after posting stronger-than-expected quarterly results.

Artisan Partners Limited Partnership reduced its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 51.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,854,894 shares of the company's stock after selling 1,993,159 shares during the period. Artisan Partners Limited Partnership owned 0.54% of Snowflake worth $406,890,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SNOW. Norges Bank bought a new stake in shares of Snowflake during the 4th quarter worth $974,091,000. Jennison Associates LLC grew its position in Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the period. Coatue Management LLC purchased a new stake in Snowflake during the third quarter worth about $441,277,000. American Century Companies Inc. increased its holdings in Snowflake by 233.3% during the third quarter. American Century Companies Inc. now owns 2,104,925 shares of the company's stock worth $474,766,000 after buying an additional 1,473,354 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after buying an additional 1,448,094 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Mark Garrett sold 100,000 shares of the firm'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 value of $25,000,000.00. Following the completion of the transaction, the director directly owned 8,801 shares in the company, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $148.21, for a total transaction of $7,460,594.98. Following the completion of the transaction, the director owned 29,396 shares of the company's stock, valued at $4,356,781.16. This trade represents a 63.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 1,489,989 shares of company stock worth $341,929,050. 4.80% of the stock is owned by company insiders.

Analyst Ratings Changes

SNOW has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Snowflake from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. UBS Group set a $320.00 price objective on shares of Snowflake in a report on Wednesday, June 3rd. TD Cowen restated a "buy" rating and set a $300.00 price objective on shares of Snowflake in a report on Wednesday, June 3rd. Loop Capital raised their price objective on shares of Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company raised their price objective on shares of Snowflake from $210.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Snowflake has an average rating of "Moderate Buy" and an average price target of $291.77.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $239.11 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $82.87 billion, a PE ratio of -67.93 and a beta of 1.35. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The company has a 50-day moving average price of $177.16 and a two-hundred day moving average price of $189.71.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business earned $0.24 earnings per share. The company's quarterly revenue was up 33.5% on a year-over-year basis. Equities analysts forecast that Snowflake Inc. will post -1.87 EPS for the current year.

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.

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