Marietta Investment Partners LLC Acquires 6,278 Shares of Snowflake Inc. $SNOW

Key Points

• Marietta Investment Partners increased its Snowflake stake by 67.8% in the first quarter, buying 6,278 additional shares and bringing its total to 15,539 shares worth about $2.34 million.
• Snowflake reported better-than-expected quarterly results, with EPS of $0.39 versus $0.32 expected and revenue of $1.39 billion versus $1.32 billion estimated, while revenue rose 33.5% year over year.
• Analysts remain upbeat on Snowflake, with several firms raising price targets and the consensus rating standing at Moderate Buy with a $293.53 average target price.

Marietta Investment Partners LLC raised its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 67.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,539 shares of the company's stock after acquiring an additional 6,278 shares during the period. Marietta Investment Partners LLC's holdings in Snowflake were worth $2,344,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SNOW. Brighton Jones LLC raised its stake in Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Intech Investment Management LLC grew its stake in Snowflake by 24.0% in the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock worth $1,637,000 after buying an additional 2,167 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Snowflake by 29.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after buying an additional 73 shares during the last quarter. Flow Traders U.S. LLC bought a new position in shares of Snowflake in the 2nd quarter worth $221,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Snowflake by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock valued at $5,055,000 after buying an additional 1,521 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock opened at $259.67 on Monday. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The stock has a market capitalization of $90.00 billion, a price-to-earnings ratio of -73.77 and a beta of 1.35. The company has a fifty day moving average of $202.78 and a 200-day moving average of $190.28. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05.

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

Insider Buying and Selling at Snowflake

In other news, SVP Vivek Raghunathan sold 3,876 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $240.00, for a total value of $930,240.00. Following the completion of the sale, the senior vice president owned 258,689 shares of the company's stock, valued at approximately $62,085,360. The trade was a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Christian Kleinerman sold 2,621 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $228.45, for a total value of $598,767.45. Following the sale, the executive vice president owned 400,379 shares of the company's stock, valued at $91,466,582.55. This represents a 0.65% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 1,748,087 shares of company stock valued at $407,831,514. 4.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Scotiabank lifted their price objective on shares of Snowflake from $285.00 to $320.00 and gave the stock a "sector outperform" rating in a report on Monday, June 8th. Wells Fargo & Company increased their target price on Snowflake from $210.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. BTIG Research raised their price target on Snowflake from $280.00 to $325.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. DA Davidson lifted their price target on Snowflake from $250.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, HSBC set a $289.00 price objective on Snowflake and gave the stock a "buy" rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus price target of $293.53.

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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