Atreides Management LP Sells 148,052 Shares of Snowflake Inc. $SNOW

Key Points

• Atreides Management LP reduced its stake in Snowflake Inc. by 19.6%, selling 148,052 shares and now holding approximately $88.97 million worth of stock.
• Several institutional investors, including Nuveen LLC and Price T Rowe Associates, have increased their holdings, indicating growing institutional interest in Snowflake.
• Wall Street analysts have raised their price targets for Snowflake between $260.00 and $275.00, with the stock receiving overall ratings of "Buy" indicating positive outlooks.

Atreides Management LP lowered its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 19.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 608,715 shares of the company's stock after selling 148,052 shares during the period. Snowflake accounts for approximately 2.7% of Atreides Management LP's portfolio, making the stock its 12th biggest holding. Atreides Management LP owned 0.18% of Snowflake worth $88,970,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Nuveen LLC purchased a new position in Snowflake during the first quarter worth about $555,847,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock worth $691,693,000 after purchasing an additional 763,673 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares during the period. Invesco Ltd. raised its holdings in shares of Snowflake by 26.5% in the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after purchasing an additional 647,176 shares during the period. Finally, 1832 Asset Management L.P. raised its holdings in shares of Snowflake by 51.6% in the 1st quarter. 1832 Asset Management L.P. now owns 1,571,800 shares of the company's stock worth $229,734,000 after purchasing an additional 535,160 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Buying and Selling

In related news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction dated 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 owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total value of $84,102.07. Following the transaction, the director directly owned 26,136 shares of the company's stock, valued at $5,454,321.84. This represents a 1.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,216,909 shares of company stock worth $717,287,181 over the last ninety days. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Price Performance

Shares of NYSE SNOW traded down $4.39 during mid-day trading on Wednesday, reaching $229.21. The company had a trading volume of 6,639,047 shares, compared to its average volume of 6,862,595. 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 market cap of $76.53 billion, a PE ratio of -55.23 and a beta of 1.22. The company has a 50-day moving average price of $212.27 and a two-hundred day moving average price of $186.83. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for 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%.Snowflake's revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. On average, equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SNOW. The Goldman Sachs Group raised their price objective on Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. DA Davidson reiterated a "buy" rating and set a $250.00 target price on shares of Snowflake in a report on Monday, August 25th. Stifel Nicolaus raised their target price on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. CICC Research started coverage on Snowflake in a report on Friday, June 20th. They set an "outperform" rating and a $225.00 target price on the stock. Finally, Needham & Company LLC raised their target price on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Two equities 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

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.