Eventide Asset Management LLC Sells 5,825 Shares of Snowflake Inc. $SNOW

Key Points

• Eventide Asset Management cut its Snowflake stake by 44.7% in the fourth quarter, selling 5,825 shares and leaving it with 7,210 shares valued at about $1.59 million.
• Insider selling continued, with Director Michael L. Speiser and EVP Christian Kleinerman both selling shares under pre-arranged trading plans; insiders sold 1.59 million shares worth about $359.4 million over the last quarter.
• Snowflake beat earnings expectations in its latest quarter, reporting $0.39 EPS on $1.39 billion in revenue, while analysts remain broadly bullish with a consensus target price of $291.77.

Eventide Asset Management LLC lowered its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 44.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,210 shares of the company's stock after selling 5,825 shares during the quarter. Eventide Asset Management LLC's holdings in Snowflake were worth $1,594,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC raised its stake in Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the period. Intech Investment Management LLC raised its stake in Snowflake by 24.0% during the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock valued at $1,637,000 after purchasing an additional 2,167 shares during the period. Geneos Wealth Management Inc. raised its stake in Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC bought a new stake in Snowflake during the 2nd quarter valued at approximately $221,000. Finally, The Manufacturers Life Insurance Company raised its stake in Snowflake by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock valued at $5,055,000 after purchasing an additional 1,521 shares during the period. Institutional investors own 65.10% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $245.21, for a total transaction of $98,819.63. Following the completion of the sale, the director directly owned 22,106 shares of the company's stock, valued at approximately $5,420,612.26. This trade represents a 1.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,729 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $239.00, for a total value of $652,231.00. Following the sale, the executive vice president directly owned 413,002 shares of the company's stock, valued at $98,707,478. This represents a 0.66% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,589,550 shares of company stock valued at $359,438,410 over the last quarter. 4.80% of the stock is currently owned by insiders.

Snowflake Price Performance

Shares of Snowflake stock opened at $232.38 on Monday. The stock has a market cap of $80.54 billion, a price-to-earnings ratio of -66.02 and a beta of 1.35. 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 stock has a 50 day moving average price of $173.64 and a 200-day moving average price of $189.84. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its 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 analysts' expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company's quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 EPS. Equities analysts expect that Snowflake Inc. will post -1.87 EPS for the current year.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several recent analyst reports. Scotiabank lifted their target price on Snowflake from $285.00 to $320.00 and gave the company a "sector outperform" rating in a research note on Monday, June 8th. Wedbush lifted their target price on Snowflake from $270.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Morgan Stanley lifted their target price on Snowflake from $245.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Loop Capital lifted their target price on Snowflake from $290.00 to $320.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. Finally, Bank of America raised their price target on Snowflake from $205.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $291.77.

About Snowflake

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.