Landscape Capital Management L.L.C. Acquires Shares of 10,437 Snowflake Inc. $SNOW

Key Points

• Landscape Capital Management disclosed a new stake in Snowflake, buying 10,437 shares in the fourth quarter worth about $2.29 million.
• Snowflake continues to attract major institutional interest, with hedge funds and asset managers owning 65.10% of the stock, even as some insiders have been selling heavily in recent months.
• Analysts have generally turned more positive on the company, with multiple firms raising price targets; Snowflake now carries a Moderate Buy consensus and an average target price of $291.77.

Landscape Capital Management L.L.C. acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,437 shares of the company's stock, valued at approximately $2,289,000.

Other hedge funds have also recently bought and sold shares of the company. Assetmark Inc. grew its position in shares of Snowflake by 99.1% in the 4th quarter. Assetmark Inc. now owns 198,655 shares of the company's stock worth $43,577,000 after acquiring an additional 98,870 shares in the last quarter. Jennison Associates LLC grew its position in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. William Blair Investment Management LLC acquired a new position in shares of Snowflake in the 3rd quarter worth approximately $116,882,000. Swedbank AB grew its position in shares of Snowflake by 6.0% in the 4th quarter. Swedbank AB now owns 1,330,415 shares of the company's stock worth $291,840,000 after acquiring an additional 75,419 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Snowflake by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company's stock worth $6,461,465,000 after acquiring an additional 857,832 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Activity at Snowflake

In related news, Director Frank Slootman sold 437,076 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the transaction, the director owned 38,046 shares in the company, valued at $9,603,951.78. The trade was a 91.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director owned 8,801 shares of the company's stock, valued at $2,200,250. This represents a 91.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,589,550 shares of company stock worth $359,438,410 in the last 90 days. 4.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Barclays lifted their target price on Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 4th. Citigroup lifted their target price on Snowflake from $260.00 to $320.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Truist Financial lifted their target price on Snowflake from $275.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Needham & Company LLC lifted their target price on Snowflake from $300.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley lifted their target price on Snowflake from $245.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and an average price target of $291.77.

Snowflake Trading Down 0.2%

NYSE:SNOW opened at $232.38 on Monday. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99. The firm has a market capitalization of $80.54 billion, a P/E ratio of -66.02 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $173.64 and a 200 day simple moving average of $189.84.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The business's revenue for the quarter was up 33.5% compared to the same quarter last year. Equities research analysts predict that Snowflake Inc. will post -1.87 EPS for the current year.

About Snowflake

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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