Castleark Management LLC lowered its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 136,044 shares of the company's stock after selling 15,148 shares during the quarter. Castleark Management LLC's holdings in Snowflake were worth $20,518,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock valued at $6,601,790,000 after acquiring an additional 1,448,094 shares during the period. Jennison Associates LLC raised its holdings in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares during the period. Nuveen LLC raised its holdings in shares of Snowflake by 2.3% in the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock worth $1,157,749,000 after purchasing an additional 116,521 shares during the period. Geode Capital Management LLC lifted its stake in Snowflake by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock valued at $1,052,195,000 after purchasing an additional 249,668 shares during the last quarter. Finally, Norges Bank purchased a new position in Snowflake in the fourth quarter valued at approximately $974,091,000. Hedge funds and other institutional investors own 65.10% of the company's stock.
Analysts Set New Price Targets
A number of analysts have issued reports on the company. Oppenheimer raised their target price on Snowflake from $250.00 to $295.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Cantor Fitzgerald upped their price target on Snowflake from $225.00 to $282.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. increased their price target on Snowflake from $245.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Jefferies Financial Group increased their price target on Snowflake from $300.00 to $310.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, BTIG Research lifted their price objective on Snowflake from $280.00 to $325.00 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average price target of $296.27.
View Our Latest Research Report on Snowflake
Insider Buying and Selling at Snowflake
In other Snowflake news, CAO Emily Ho sold 1,860 shares of Snowflake stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total transaction of $431,985.00. Following the completion of the transaction, the chief accounting officer owned 41,283 shares of the company's stock, valued at $9,587,976.75. The trade was a 4.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christian Kleinerman sold 2,500 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total value of $646,400.00. Following the sale, the executive vice president owned 397,879 shares in the company, valued at approximately $102,875,594.24. This represents a 0.62% decrease in their ownership of the stock. 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 a total of 1,802,015 shares of company stock worth $421,739,629 in the last three months. 4.80% of the stock is currently owned by corporate insiders.
Snowflake Trading Up 0.0%
Shares of SNOW stock opened at $268.15 on Monday. The stock has a market capitalization of $92.94 billion, a price-to-earnings ratio of -76.18 and a beta of 1.35. The company's fifty day simple moving average is $239.11 and its two-hundred day simple moving average is $195.17. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.
Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business's revenue for the quarter was up 33.5% on a year-over-year basis. During the same period last year, the company earned $0.24 earnings per share. As a group, analysts anticipate that Snowflake Inc. will post -1.84 earnings per share for the current year.
About Snowflake
(
Free Report)
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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