Dockside LLC Makes New $1.16 Million Investment in Snowflake Inc. $SNOW

Key Points

• Dockside LLC opened a new position in Snowflake during the fourth quarter, buying 5,281 shares worth about $1.16 million.
• Several other large institutions also increased their Snowflake holdings, and institutional investors now own 65.10% of the stock.
• Snowflake reported stronger-than-expected quarterly results, with EPS of $0.39 and revenue of $1.39 billion, while analysts remain broadly bullish with a consensus Moderate Buy rating and a $291.77 average target price.

Dockside LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,281 shares of the company's stock, valued at approximately $1,158,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after buying an additional 1,448,094 shares in the last quarter. Jennison Associates LLC lifted its holdings in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after buying an additional 2,519,413 shares in the last quarter. Nuveen LLC lifted its holdings in Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock worth $1,157,749,000 after buying an additional 116,521 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock worth $1,052,195,000 after buying an additional 249,668 shares in the last quarter. Finally, Norges Bank acquired a new stake in Snowflake during the 4th quarter worth approximately $974,091,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 437,076 shares of the firm's stock in a transaction on 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 transaction, the director directly owned 38,046 shares of the company's stock, valued at approximately $9,603,951.78. This trade represents a 91.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the firm's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the transaction, the director directly owned 8,801 shares in the company, valued at $2,200,250. The trade was a 91.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,589,550 shares of company stock valued at $359,438,410. Insiders own 4.80% of the company's stock.

Snowflake Trading Down 0.2%

Shares of Snowflake stock opened at $232.38 on Monday. 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 quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $80.54 billion, a P/E ratio of -66.02 and a beta of 1.35. The company's fifty day moving average is $173.64 and its two-hundred day moving average is $189.84.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm posted $0.24 EPS. Snowflake's revenue for the quarter was up 33.5% on a year-over-year basis. Analysts forecast that Snowflake Inc. will post -1.87 earnings per share for the current year.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of research reports. Canaccord Genuity Group increased their target price on shares of Snowflake from $240.00 to $325.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Raymond James Financial reiterated an "outperform" rating and set a $275.00 target price on shares of Snowflake in a report on Thursday, May 28th. Cantor Fitzgerald increased their target price on shares of Snowflake from $225.00 to $282.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Morgan Stanley increased their target price on shares of Snowflake from $245.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Finally, Monness Crespi & Hardt increased their target price on shares of Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $291.77.

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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