Assenagon Asset Management S.A. Sells 356,927 Shares of Snowflake Inc. $SNOW

Key Points

• Assenagon Asset Management S.A. has reduced its stake in Snowflake Inc. by 64.7% in the second quarter, holding approximately $43.63 million worth of shares after selling over 356,000 shares.
• Snowflake recently reported a quarterly revenue of $1.14 billion, exceeding expectations, with earnings per share of $0.35 compared to the consensus estimate of $0.27.
• Several analysts have recently adjusted their target prices for Snowflake, with estimates ranging from $221.00 to $280.00, signaling strong confidence in the company's stock performance.

Assenagon Asset Management S.A. reduced its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 64.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 194,967 shares of the company's stock after selling 356,927 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Snowflake worth $43,628,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Snowflake by 1.2% during the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after purchasing an additional 316,573 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Snowflake during the second quarter valued at approximately $3,900,134,000. Price T Rowe Associates Inc. MD raised its position in Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after purchasing an additional 763,673 shares in the last quarter. Nuveen LLC acquired a new position in Snowflake during the first quarter valued at approximately $555,847,000. Finally, Goldman Sachs Group Inc. raised its position in Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Christian Kleinerman sold 2,975 shares of Snowflake stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $658,189.00. Following the sale, the executive vice president owned 547,724 shares of the company's stock, valued at approximately $121,178,457.76. The trade was a 0.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. The trade was a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,222,036 shares of company stock valued at $719,457,410 in the last quarter. Insiders own 6.80% of the company's stock.

Analysts Set New Price Targets

SNOW has been the subject of several research analyst reports. Guggenheim restated a "neutral" rating on shares of Snowflake in a research report on Thursday, August 28th. Robert W. Baird boosted their price objective on shares of Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. KeyCorp upped their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Piper Sandler upped their price target on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Finally, CICC Research assumed coverage on shares of Snowflake in a report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Trading Down 0.5%

Snowflake stock traded down $1.07 during trading hours on Monday, reaching $229.41. The stock had a trading volume of 3,213,134 shares, compared to its average volume of 8,027,547. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The company has a fifty day simple moving average of $213.16 and a 200-day simple moving average of $190.98.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company's revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal 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.