CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Increases Holdings in Snowflake Inc. $SNOW

Key Points

• Cushing Asset Management increased its Snowflake stake by 26.1% in the first quarter, adding 6,000 shares to reach 29,000 shares worth about $4.37 million.
• Several other large investors also boosted their positions, and institutional ownership stands at 65.10% of Snowflake’s stock.
• Insiders sold heavily over the past three months, including large sales by directors Mark Garrett and Frank Slootman, while analysts remain mostly bullish with a Moderate Buy consensus and a $293.53 average price target.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 26.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 29,000 shares of the company's stock after buying an additional 6,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Snowflake were worth $4,374,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SNOW. Vanguard Group Inc. boosted its holdings in Snowflake by 5.1% in the fourth 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 in the last quarter. Jennison Associates LLC lifted its position 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 lifted its position 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 boosted its stake in shares of Snowflake by 5.5% during the 4th 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 in the last quarter. Finally, Norges Bank purchased a new position in shares of Snowflake during the fourth quarter valued at about $974,091,000. 65.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Mark Garrett sold 100,000 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the sale, the director directly owned 8,801 shares of the company's stock, valued at approximately $2,200,250. This represents a 91.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Slootman sold 437,076 shares of the firm's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the sale, the director owned 38,046 shares of the company's stock, valued at approximately $9,603,951.78. This represents a 91.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,748,087 shares of company stock worth $407,831,514 over the last three months. 4.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Benchmark raised their price objective on shares of Snowflake from $200.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Mizuho raised their target price on Snowflake from $220.00 to $295.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Rosenblatt Securities lifted their price target on Snowflake from $275.00 to $285.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Weiss Ratings cut Snowflake from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Finally, KeyCorp set a $295.00 price objective on Snowflake in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $293.53.

Snowflake Stock Performance

Snowflake stock opened at $259.67 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $90.00 billion, a P/E ratio of -73.77 and a beta of 1.35. The stock's 50 day moving average is $202.78 and its 200 day moving average is $190.28. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.07. The company 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 firm's revenue for the quarter was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned $0.24 EPS. On average, equities research analysts predict that Snowflake Inc. will post -1.87 earnings per share for the current fiscal year.

Snowflake Company 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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