Melqart Asset Management UK Ltd Purchases 92,363 Shares of Snowflake Inc. $SNOW

Key Points

• Melqart Asset Management UK Ltd increased its Snowflake stake by 176.5% in the fourth quarter, adding 92,363 shares and bringing its total to 144,695 shares worth about $31.74 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 65.10% of Snowflake shares; Vanguard, Jennison, Nuveen, Geode, and Norges Bank all reported sizable positions.
• Snowflake insiders have been selling shares, including EVP Christian Kleinerman and Director Frank Slootman, while analysts remain largely positive with a Moderate Buy consensus and an average price target of $291.77.

Melqart Asset Management UK Ltd grew its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 176.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 144,695 shares of the company's stock after acquiring an additional 92,363 shares during the quarter. Snowflake accounts for 3.1% of Melqart Asset Management UK Ltd's holdings, making the stock its 13th biggest position. Melqart Asset Management UK Ltd's holdings in Snowflake were worth $31,740,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares during the last quarter. Jennison Associates LLC increased its stake in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the last quarter. Nuveen LLC lifted its position in Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock worth $1,157,749,000 after buying an additional 116,521 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock worth $1,052,195,000 after buying an additional 249,668 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Snowflake during the 4th quarter worth about $974,091,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 2,729 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $239.00, for a total transaction of $652,231.00. Following the completion of the sale, the executive vice president owned 413,002 shares of the company's stock, valued at $98,707,478. This trade represents a 0.66% decrease in their position. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 162,924 shares of Snowflake stock in a transaction on Monday, June 1st. The stock was sold at an average price of $263.70, for a total transaction of $42,963,058.80. Following the transaction, the director directly owned 38,046 shares of the company's stock, valued at approximately $10,032,730.20. This trade represents a 81.07% 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. Insiders have sold a total of 1,489,989 shares of company stock worth $341,929,050 in the last quarter. Insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Citizens Jmp reaffirmed a "market outperform" rating and issued a $325.00 target price on shares of Snowflake in a research report on Tuesday, May 19th. Morgan Stanley increased their price target on Snowflake from $245.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. The Goldman Sachs Group raised their price target on Snowflake from $216.00 to $278.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Royal Bank Of Canada boosted their price target on Snowflake from $220.00 to $284.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Finally, Monness Crespi & Hardt upped their price objective on Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $291.77.

Snowflake Price Performance

Shares of NYSE SNOW opened at $239.11 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The business's 50 day moving average price is $177.16 and its two-hundred day moving average price is $189.71. The company has a market cap of $82.87 billion, a PE ratio of -67.93 and a beta of 1.35. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99.

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 company had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period last year, the firm posted $0.24 earnings per share. The business's revenue was up 33.5% on a year-over-year basis. On average, analysts predict that Snowflake Inc. will post -1.87 EPS for the current 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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