Jackson Square Capital LLC Makes New $1.44 Million Investment in Snowflake Inc. $SNOW

Key Points

• Jackson Square Capital purchased 4,240 Snowflake shares worth approximately $1.44 million during the third quarter. Institutional investors collectively own 65.10% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $413.87 from 42 analysts.
• Snowflake reported quarterly revenue of $1.55 billion, up 35.1% year over year, and beat analysts’ EPS expectations; however, insiders sold approximately $316.7 million of shares over the past 90 days.

Jackson Square Capital LLC purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,240 shares of the company's stock, valued at approximately $1,440,000.

Several other institutional investors have also modified their holdings of SNOW. Pictet Asset Management Holding SA grew its holdings in shares of Snowflake by 44.7% in the first quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company's stock valued at $392,259,000 after purchasing an additional 803,110 shares during the period. OMERS ADMINISTRATION Corp boosted its holdings in Snowflake by 4,284.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 696,278 shares of the company's stock valued at $105,013,000 after purchasing an additional 680,397 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Snowflake by 22.2% in the 1st quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company's stock valued at $452,014,000 after purchasing an additional 544,960 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Snowflake by 76.9% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company's stock valued at $176,736,000 after buying an additional 509,230 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Snowflake by 134.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company's stock valued at $268,351,000 after buying an additional 453,342 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $325.00, for a total value of $8,125,000.00. Following the completion of the transaction, the executive vice president owned 340,379 shares of the company's stock, valued at $110,623,175. This trade represents a 6.84% decrease in their position. The sale was disclosed in a 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 Michael L. Speiser sold 50,338 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $324.06, for a total transaction of $16,312,532.28. Following the completion of the transaction, the director owned 26,036 shares of the company's stock, valued at approximately $8,437,226.16. This trade represents a 65.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 956,744 shares of company stock worth $316,741,285. 4.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. BTIG Research raised their price target on shares of Snowflake from $340.00 to $424.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Jefferies Financial Group set a $430.00 price objective on Snowflake and gave the company a "buy" rating in a report on Thursday, September 3rd. KeyCorp increased their price objective on Snowflake from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Stifel Nicolaus increased their price objective on Snowflake from $350.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Finally, Bank of America lifted their target price on Snowflake from $330.00 to $395.00 and gave the company a "buy" rating in a research report on Wednesday, August 19th. Thirty-six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $413.87.

Snowflake Trading Up 3.1%

NYSE:SNOW traded up $9.66 during trading hours on Monday, reaching $316.50. 2,868,214 shares of the stock were exchanged, compared to its average volume of 6,484,383. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. The business has a 50-day moving average of $333.25 and a two-hundred day moving average of $255.61. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $384.56. The company has a market capitalization of $111.66 billion, a price-to-earnings ratio of -99.72 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.17. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the business earned $0.35 EPS. The company's quarterly revenue was up 35.1% compared to the same quarter last year. On average, equities analysts predict that Snowflake Inc. will post -1.44 EPS for the current year.

Snowflake Profile

Snowflake Inc is a cloud-based data platform company that helps organizations store, process, analyze and share data across public cloud environments. Its platform is designed to support data warehousing, data lakes, data engineering, data applications and analytics without requiring customers to manage the underlying hardware or software infrastructure.

Snowflake offers services for data sharing and collaboration, allowing organizations to securely exchange data with internal teams, customers, partners and third-party providers.

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