ICONIQ Capital LLC Sells 7,369 Shares of Snowflake Inc. $SNOW

Key Points

• ICONIQ Capital LLC reduced its stake in Snowflake Inc. by 40.2% during Q1, holding 10,965 shares valued at approximately $1.6 million.
• Snowflake reported a 25.8% year-over-year revenue increase for the quarter, generating $1.04 billion, exceeding analysts’ expectations.
• Insider transactions included a significant share sell-off by executives, with CFO Michael Scarpelli selling 400,000 shares for over $82 million.

ICONIQ Capital LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 40.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,965 shares of the company's stock after selling 7,369 shares during the period. ICONIQ Capital LLC's holdings in Snowflake were worth $1,603,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. In Depth Partners LLC increased its holdings in Snowflake by 3.7% in the first quarter. In Depth Partners LLC now owns 15,857 shares of the company's stock worth $2,318,000 after purchasing an additional 570 shares in the last quarter. Jump Financial LLC raised its holdings in shares of Snowflake by 53.8% in the 1st quarter. Jump Financial LLC now owns 61,480 shares of the company's stock worth $8,986,000 after acquiring an additional 21,514 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Snowflake by 23.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,091 shares of the company's stock valued at $164,000 after purchasing an additional 204 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Snowflake by 6.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 52,009 shares of the company's stock worth $7,602,000 after purchasing an additional 3,222 shares during the last quarter. Finally, Allstate Corp raised its holdings in shares of Snowflake by 22.6% in the first quarter. Allstate Corp now owns 10,919 shares of the company's stock valued at $1,596,000 after purchasing an additional 2,012 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the sale, the director owned 37,796 shares in the company, valued at $7,988,184.60. This represents a 57.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the sale, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,516,826 shares of company stock valued at $555,691,052 over the last 90 days. Corporate insiders own 6.80% of the company's stock.

Snowflake Stock Up 20.2%

SNOW stock traded up $40.45 during midday trading on Thursday, hitting $240.84. The stock had a trading volume of 42,037,616 shares, compared to its average volume of 5,299,384. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $249.99. The business has a 50-day moving average of $210.30 and a two-hundred day moving average of $185.15. The firm has a market cap of $80.41 billion, a price-to-earnings ratio of -57.21 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Robert W. Baird increased their price objective on shares of Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday. DA Davidson reaffirmed a "buy" rating and set a $250.00 price objective on shares of Snowflake in a research note on Monday. Cowen reissued a "buy" rating on shares of Snowflake in a research note on Thursday. Mizuho upped their target price on Snowflake from $235.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, HSBC downgraded Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two equities research 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 assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Profile

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.