Snowflake Inc. (NYSE:SNOW) is Madrona Venture Group LLC's Largest Position

Key Points

• Madrona Venture Group LLC has reduced its holdings in Snowflake Inc. by 49.7%, owning 116,610 shares worth approximately $17.04 million, which constitutes about 59.8% of its total portfolio.
• Director Frank Slootman sold 424,852 shares of Snowflake stock at an average price of $219.35, resulting in a 71.97% decrease in his ownership, while insiders have collectively sold more than 2.7 million shares in the past three months.
• Snowflake reported a quarterly revenue of $1.04 billion, exceeding estimates, and analysts maintain a consensus rating of "Moderate Buy" with an average target price of $226.73.

Madrona Venture Group LLC reduced its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 49.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 116,610 shares of the company's stock after selling 115,023 shares during the quarter. Snowflake accounts for about 59.8% of Madrona Venture Group LLC's investment portfolio, making the stock its largest holding. Madrona Venture Group LLC's holdings in Snowflake were worth $17,044,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SNOW. FMR LLC boosted its position in Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after purchasing an additional 2,805,425 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Snowflake by 124.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock valued at $612,817,000 after purchasing an additional 2,200,406 shares during the last quarter. Groupama Asset Managment boosted its position in Snowflake by 930,132.6% during the fourth quarter. Groupama Asset Managment now owns 2,000,000 shares of the company's stock valued at $308,820,000 after purchasing an additional 1,999,785 shares during the last quarter. Invesco Ltd. boosted its position in Snowflake by 406.5% during the fourth quarter. Invesco Ltd. now owns 2,441,112 shares of the company's stock valued at $376,932,000 after purchasing an additional 1,959,137 shares during the last quarter. Finally, Winslow Capital Management LLC acquired a new position in Snowflake during the fourth quarter valued at approximately $172,683,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Down 0.4%

NYSE:SNOW traded down $0.77 during trading hours on Monday, hitting $218.74. 3,441,262 shares of the company were exchanged, compared to its average volume of 3,022,604. The company has a fifty day simple moving average of $211.83 and a 200 day simple moving average of $181.48. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $73.03 billion, a price-to-earnings ratio of -51.96 and a beta of 1.22. Snowflake Inc. has a one year low of $107.13 and a one year high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating 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 company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the firm posted $0.14 EPS. The company's quarterly revenue was up 25.8% on a year-over-year basis. Sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Frank Slootman sold 424,852 shares of the 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 transaction, the director owned 165,507 shares of the company's stock, valued at $36,303,960.45. This represents a 71.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Garrett sold 67,000 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the sale, the director directly owned 7,428 shares of the company's stock, valued at $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,708,258 shares of company stock valued at $588,162,906 over the last ninety days. 6.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on SNOW. Daiwa Capital Markets started coverage on Snowflake in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price target for the company. Daiwa America upgraded Snowflake to a "strong-buy" rating in a research note on Tuesday, April 1st. Barclays restated an "overweight" rating and issued a $219.00 price objective (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. UBS Group upgraded Snowflake from a "neutral" rating to a "buy" rating and upped their price objective for the company from $210.00 to $265.00 in a research note on Wednesday, June 4th. Finally, Robert W. Baird upped their price objective on Snowflake from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average price target of $226.73.

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.