Jennison Associates LLC Sells 999,728 Shares of Snowflake Inc. (NYSE:SNOW)

Jennison Associates LLC lessened its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 13.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,637,278 shares of the company's stock after selling 999,728 shares during the period. Jennison Associates LLC owned 2.01% of Snowflake worth $970,105,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ORG Wealth Partners LLC bought a new position in shares of Snowflake in the 1st quarter valued at about $898,000. SBI Securities Co. Ltd. increased its position in Snowflake by 9.4% during the first quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company's stock valued at $8,856,000 after acquiring an additional 5,197 shares during the last quarter. Deutsche Bank AG increased its position in Snowflake by 26.0% during the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock valued at $142,513,000 after acquiring an additional 190,583 shares during the last quarter. Artemis Investment Management LLP bought a new position in Snowflake during the first quarter valued at $9,090,000. Finally, Ardmore Road Asset Management LP bought a new position in Snowflake during the fourth quarter valued at $18,529,000. Institutional investors own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SNOW. Monness Crespi & Hardt raised their price objective on shares of Snowflake from $230.00 to $245.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Bank of America raised their price objective on shares of Snowflake from $172.00 to $220.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald raised their price objective on shares of Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. JMP Securities lifted their price target on shares of Snowflake from $245.00 to $260.00 and gave the company a "market outperform" rating in a research note on Friday. Finally, Stephens began coverage on Snowflake in a report on Friday. They issued an "overweight" rating and a $261.00 price target for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-four have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.73.

Snowflake Stock Up 0.7%

SNOW stock opened at $213.06 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $226.60. The firm's 50-day simple moving average is $206.90 and its 200 day simple moving average is $178.46. The stock has a market cap of $71.13 billion, a PE ratio of -50.64 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the company earned $0.14 EPS. The company's revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, sell-side analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Activity at Snowflake

In other news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the sale, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark Garrett sold 67,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the transaction, the director directly owned 7,428 shares in the company, valued at approximately $1,478,023.44. The trade was a 90.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,718,258 shares of company stock worth $589,762,906 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

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.

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