Kornitzer Capital Management Inc. KS Reduces Stake in Snowflake Inc. $SNOW

Key Points

• Kornitzer Capital Management cut its Snowflake stake by 59.3% in Q4, selling 34,836 shares and now holding 23,889 shares valued at about $5.24 million.
• Company insiders have been net sellers, disposing of 394,313 shares worth roughly $67.48 million over the past three months; corporate insiders currently own 6.8% of the stock.
• Analysts give Snowflake a consensus "Moderate Buy" rating with a $242.19 price target; the company beat the latest quarter (EPS $0.32 vs $0.27; revenue $1.28B, up 30.1%) but remains unprofitable (net margin -28.43%).

Kornitzer Capital Management Inc. KS reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 59.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,889 shares of the company's stock after selling 34,836 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Snowflake were worth $5,240,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its position in Snowflake by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 732,092 shares of the company's stock valued at $165,123,000 after acquiring an additional 8,002 shares in the last quarter. Federated Hermes Inc. grew its position in Snowflake by 13.5% in the third quarter. Federated Hermes Inc. now owns 408,037 shares of the company's stock valued at $92,047,000 after acquiring an additional 48,411 shares in the last quarter. Assetmark Inc. grew its position in Snowflake by 99.1% in the fourth quarter. Assetmark Inc. now owns 198,655 shares of the company's stock valued at $43,577,000 after acquiring an additional 98,870 shares in the last quarter. Jennison Associates LLC grew its position in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in Snowflake in the third quarter valued at approximately $116,882,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $148.21, for a total transaction of $59,728.63. Following the completion of the sale, the director owned 22,912 shares of the company's stock, valued at approximately $3,395,787.52. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Vivek Raghunathan sold 3,876 shares of the firm's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $152.80, for a total value of $592,252.80. Following the transaction, the senior vice president owned 273,323 shares in the company, valued at $41,763,754.40. This trade represents a 1.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 394,313 shares of company stock valued at $67,477,780. Corporate insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent research reports. Canaccord Genuity Group lowered their price objective on shares of Snowflake from $270.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. DA Davidson lowered their price objective on shares of Snowflake from $300.00 to $250.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Argus raised shares of Snowflake from a "hold" rating to a "buy" rating and set a $300.00 price objective for the company in a research report on Thursday, January 8th. Zacks Research raised shares of Snowflake from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Snowflake in a research report on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $242.19.

Snowflake Stock Up 3.5%

SNOW stock opened at $141.28 on Friday. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $280.67. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $48.84 billion, a P/E ratio of -35.77 and a beta of 1.08. The firm has a 50 day simple moving average of $158.11 and a 200-day simple moving average of $202.73.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. Snowflake had a negative net margin of 28.43% and a negative return on equity of 50.61%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the company earned $0.30 earnings per share. The business's quarterly revenue was up 30.1% compared to the same quarter last year. On average, equities research analysts predict that Snowflake Inc. will post -2.16 earnings per share for the current fiscal year.

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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