Ieq Capital LLC Sells 35,951 Shares of Snowflake Inc. $SNOW

Key Points

• Ieq Capital LLC trimmed its Snowflake stake by 3.0% in the fourth quarter, selling 35,951 shares and leaving it with 1,154,288 shares valued at about $253.2 million.
• Snowflake reported strong quarterly results, posting EPS of $0.39 versus the $0.32 estimate and revenue of $1.39 billion, up 33.5% year over year.
• Wall Street remains upbeat on SNOW, with several firms raising price targets and the consensus rating sitting at “Moderate Buy” with an average target of $291.77.

Ieq Capital LLC lessened its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 3.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,154,288 shares of the company's stock after selling 35,951 shares during the period. Snowflake accounts for 0.8% of Ieq Capital LLC's holdings, making the stock its 16th biggest holding. Ieq Capital LLC owned about 0.34% of Snowflake worth $253,205,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Snowflake by 5.1% during the fourth 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 during the last quarter. Jennison Associates LLC raised its stake in Snowflake by 27.7% during the fourth 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 during the last quarter. Nuveen LLC raised its stake in Snowflake by 2.3% during the fourth 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 during the last quarter. Geode Capital Management LLC raised its stake in Snowflake by 5.5% during the fourth 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 during the last quarter. Finally, Norges Bank bought a new position in Snowflake during the fourth quarter worth $974,091,000. Institutional investors own 65.10% of the company's stock.

Snowflake Trading Down 3.3%

SNOW opened at $232.38 on Friday. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The company has a market cap of $80.54 billion, a P/E ratio of -66.02 and a beta of 1.35. The company has a fifty day moving average price of $173.64 and a two-hundred day moving average price of $190.21.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating 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 firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business's revenue was up 33.5% compared to the same quarter last year. Analysts predict that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on SNOW. Benchmark lifted their target price on shares of Snowflake from $200.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Loop Capital lifted their target price on shares of Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their target price on shares of Snowflake from $245.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Rosenblatt Securities lifted their price target on shares of Snowflake from $275.00 to $285.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $325.00 price target on shares of Snowflake in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $291.77.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $148.21, for a total transaction of $7,460,594.98. Following the completion of the sale, the director directly owned 29,396 shares of the company's stock, valued at $4,356,781.16. The trade was a 63.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the business's stock in a transaction dated 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 sale, the director directly owned 8,801 shares of the company's stock, valued at approximately $2,200,250. The trade was a 91.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,589,550 shares of company stock worth $359,438,410. Insiders own 4.80% of the company's stock.

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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