Snowflake Inc. $SNOW Shares Acquired by Kayne Anderson Rudnick Investment Management LLC

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in Snowflake Inc. by 73.4%, owning approximately $36.93 million worth of 252,690 shares as of its latest SEC filing.
• Insider transactions saw director Frank Slootman and CFO Michael Scarpelli sell a combined 824,852 shares, representing substantial declines in their ownership percentages of the stock.
• Several brokerages have raised their price targets for Snowflake, with Jefferies Financial Group setting a target of $250, reflecting analysts' overall consensus rating of "Moderate Buy."

Kayne Anderson Rudnick Investment Management LLC lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 73.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 252,690 shares of the company's stock after purchasing an additional 106,992 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.08% of Snowflake worth $36,933,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Oak Harvest Investment Services increased its stake in shares of Snowflake by 55.3% in the 1st quarter. Oak Harvest Investment Services now owns 23,840 shares of the company's stock worth $3,484,000 after acquiring an additional 8,492 shares during the last quarter. In Depth Partners LLC grew its holdings in shares of Snowflake by 3.7% in the first quarter. In Depth Partners LLC now owns 15,857 shares of the company's stock valued at $2,318,000 after purchasing an additional 570 shares during the period. Jump Financial LLC increased its position in Snowflake by 53.8% during the first quarter. Jump Financial LLC now owns 61,480 shares of the company's stock worth $8,986,000 after purchasing an additional 21,514 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Snowflake by 23.0% during the first quarter. Smartleaf Asset Management LLC now owns 1,091 shares of the company's stock worth $164,000 after purchasing an additional 204 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Snowflake by 6.6% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 52,009 shares of the company's stock valued at $7,602,000 after purchasing an additional 3,222 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SNOW. Truist Financial raised their price target on shares of Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday. Macquarie lifted their target price on Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a research report on Thursday. Guggenheim reiterated a "neutral" rating on shares of Snowflake in a report on Thursday. Cowen restated a "buy" rating on shares of Snowflake in a report on Thursday. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $260.00 target price on shares of Snowflake in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $255.53.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the sale, the director owned 37,796 shares in the company, valued at approximately $7,988,184.60. This trade represents a 57.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of Snowflake stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the sale, the director directly owned 165,507 shares in the company, 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. Over the last quarter, insiders sold 2,516,826 shares of company stock worth $555,691,052. 6.80% of the stock is currently owned by insiders.

Snowflake Stock Performance

Snowflake stock traded down $2.32 during mid-day trading on Friday, reaching $238.69. 11,600,608 shares of the company were exchanged, compared to its average volume of 5,330,874. The firm has a market cap of $79.69 billion, a PE ratio of -57.51 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The firm's 50-day simple moving average is $210.88 and its two-hundred day simple moving average is $185.53. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $249.99.

Snowflake Company 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.