Eventide Asset Management LLC Makes New Investment in Snowflake Inc. $SNOW

Key Points

• Eventide Asset Management LLC has acquired 172,688 shares of Snowflake Inc., valued at approximately $25.25 million, making it a new investor in the company.
• Director Frank Slootman sold 710,083 shares of Snowflake stock, marking an 81.10% decrease in his ownership, while insiders sold a total of 3.22 million shares worth about $717.29 million over the last quarter.
• Snowflake Inc. recently reported a 31.8% year-over-year revenue increase with earnings per share of $0.35, exceeding analysts’ expectations of $0.27.

Eventide Asset Management LLC purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 172,688 shares of the company's stock, valued at approximately $25,250,000. Eventide Asset Management LLC owned approximately 0.05% of Snowflake at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake 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 worth $524,293,000 after acquiring an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new position in shares of Snowflake during the first quarter worth $2,381,000. Berkshire Capital Holdings Inc. grew its stake in Snowflake by 71,500.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after buying an additional 7,150 shares during the last quarter. Lyell Wealth Management LP increased its position in 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 buying an additional 2,955 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in Snowflake during the 1st quarter valued at about $898,000. Institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 3,216,909 shares of company stock worth $717,287,181. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Down 1.9%

SNOW stock opened at $229.21 on Thursday. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99. The firm has a market cap of $76.53 billion, a PE ratio of -55.23 and a beta of 1.22. The firm's 50 day moving average price is $212.27 and its 200-day moving average price is $186.83. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SNOW. Robert W. Baird raised their target price on Snowflake from $215.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. HSBC lowered shares of Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Raymond James Financial lifted their price objective on Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Barclays increased their price target on Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Cantor Fitzgerald upped their price objective on shares of Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

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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