Maverick Capital Ltd. raised its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 40.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 586,996 shares of the company's stock after purchasing an additional 168,106 shares during the period. Snowflake accounts for approximately 1.5% of Maverick Capital Ltd.'s portfolio, making the stock its 22nd biggest holding. Maverick Capital Ltd. owned approximately 0.18% of Snowflake worth $85,795,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 1st quarter worth about $26,000. CVA Family Office LLC grew its position in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. Spurstone Advisory Services LLC acquired a new position in Snowflake in the 4th quarter valued at about $31,000. Capital A Wealth Management LLC acquired a new position in Snowflake in the 4th quarter valued at about $31,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in shares of Snowflake during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 65.10% of the company's stock.
Insider Buying and Selling
In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 3,216,909 shares of company stock valued at $717,287,181 in the last quarter. Insiders own 6.80% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on SNOW. Sanford C. Bernstein boosted their price objective on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upped their price objective on Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Jefferies Financial Group upped their target price on Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a report on Thursday, August 28th. The Goldman Sachs Group upped their target price on Snowflake from $230.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Rosenblatt Securities upped their price objective on Snowflake from $210.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Two 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $255.53.
Read Our Latest Stock Analysis on Snowflake
Snowflake Stock Performance
Snowflake stock traded down $4.39 during mid-day trading on Wednesday, hitting $229.21. 6,639,047 shares of the company's stock traded hands, compared to its average volume of 6,862,595. The firm has a 50 day moving average price of $212.27 and a 200 day moving average price of $186.83. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market cap of $76.53 billion, a PE ratio of -55.23 and a beta of 1.22. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99.
Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The firm's revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the firm earned $0.18 EPS. On average, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.
About Snowflake
(
Free Report)
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.
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