Atalanta Sosnoff Capital LLC Cuts Stake in Snowflake Inc. $SNOW

Atalanta Sosnoff Capital LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 98.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,515 shares of the company's stock after selling 106,889 shares during the quarter. Atalanta Sosnoff Capital LLC's holdings in Snowflake were worth $332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SNOW. Assetmark Inc. grew its holdings in shares of Snowflake by 99.1% in the fourth quarter. Assetmark Inc. now owns 198,655 shares of the company's stock valued at $43,577,000 after purchasing an additional 98,870 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of Snowflake in the third quarter valued at $116,882,000. Swedbank AB grew its holdings in shares of Snowflake by 6.0% in the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company's stock valued at $291,840,000 after purchasing an additional 75,419 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Snowflake by 3.1% in the third quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company's stock valued at $6,461,465,000 after purchasing an additional 857,832 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $148.21, for a total value of $7,460,594.98. Following the transaction, the director owned 29,396 shares in the company, valued at $4,356,781.16. The trade was a 63.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of Snowflake stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the completion of the transaction, the director owned 38,046 shares in the company, valued at $9,603,951.78. This trade represents a 91.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,589,550 shares of company stock worth $359,438,410 over the last quarter. Insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNOW. Wells Fargo & Company raised their target price on shares of Snowflake from $210.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. TD Cowen restated a "buy" rating and issued a $300.00 price target on shares of Snowflake in a research report on Wednesday, June 3rd. The Goldman Sachs Group raised their price target on Snowflake from $216.00 to $278.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Mizuho raised their price target on Snowflake from $220.00 to $295.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Finally, Needham & Company LLC raised their price target on Snowflake from $300.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $291.77.

Snowflake Stock Performance

Shares of Snowflake stock opened at $232.38 on Friday. The firm has a market cap of $80.54 billion, a P/E ratio of -66.02 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The stock's fifty day moving average price is $173.64 and its 200-day moving average price is $190.21.

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