Concentric Capital Strategies LP Trims Stake in Snowflake Inc. $SNOW

Key Points

• Concentric Capital Strategies LP drastically reduced its stake in Snowflake Inc. by 90.3%, selling 35,538 shares and leaving it with only 3,803 shares valued at $556,000.
• Snowflake's recent quarterly earnings surpassed expectations, reporting $1.14 billion in revenue and earnings per share of $0.35, beating the consensus estimate of $0.27.
• Institutional ownership in Snowflake is currently at 65.10%, with several hedge funds, including Goldman Sachs and Berkshire Capital, adjusting their positions in the company's stock.

Concentric Capital Strategies LP reduced its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 90.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,803 shares of the company's stock after selling 35,538 shares during the period. Concentric Capital Strategies LP's holdings in Snowflake were worth $556,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in shares of Snowflake by 22.2% during the 1st 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. CenterBook Partners LP purchased a new position in shares of Snowflake during the 1st quarter valued at $2,381,000. Berkshire Capital Holdings Inc. grew its position in shares of Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after purchasing an additional 7,150 shares in the last quarter. Lyell Wealth Management LP grew its position in shares of Snowflake by 5.1% during the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after purchasing an additional 2,955 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in shares of Snowflake during the 1st quarter valued at $898,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

NYSE SNOW opened at $222.04 on Friday. The company has a 50-day simple moving average of $212.27 and a two-hundred day simple moving average of $187.06. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $249.99. The firm has a market cap of $74.13 billion, a price-to-earnings ratio of -53.50 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business posted $0.18 earnings per share. The company's revenue was up 31.8% on a year-over-year basis. On average, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on SNOW shares. JPMorgan Chase & Co. upped their target price on shares of Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Royal Bank Of Canada upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Citigroup reiterated an "outperform" rating on shares of Snowflake in a research report on Thursday, August 28th. Oppenheimer upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Finally, Piper Sandler upped their target price on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average target price of $255.53.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $84,102.07. Following the completion of the sale, the director directly owned 26,136 shares in the company, valued at $5,454,321.84. This represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the 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 sale, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,176,168 shares of company stock worth $708,898,070 over the last three months. Company insiders own 6.80% of the company's stock.

About Snowflake

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.

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