Sand Hill Global Advisors LLC Takes $4.12 Million Position in Snowflake Inc. $SNOW

Key Points

• Sand Hill Global Advisors LLC has acquired a new position in Snowflake Inc., purchasing 28,163 shares valued at approximately $4.12 million.
• Insider trading activity shows CFO Michael Scarpelli sold 400,000 shares, significantly reducing his ownership, while Director Frank Slootman similarly decreased their stake by selling 424,852 shares.
• Snowflake reported a 25.8% increase in quarterly revenue, reaching $1.04 billion, outperforming analysts' expectations.

Sand Hill Global Advisors LLC bought a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 28,163 shares of the company's stock, valued at approximately $4,116,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Snowflake by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after acquiring an additional 316,573 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Snowflake by 124.4% in 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 buying an additional 2,200,406 shares during the last quarter. Nuveen LLC acquired a new position in Snowflake during the first quarter worth about $555,847,000. Goldman Sachs Group Inc. increased its stake in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Snowflake by 26.5% during the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock valued at $451,384,000 after acquiring an additional 647,176 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the sale, the chief financial officer directly owned 292,610 shares in the company, valued at $60,090,389.60. This trade represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 424,852 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, the director owned 165,507 shares in the company, valued at $36,303,960.45. This trade represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,014,642 shares of company stock worth $657,325,186. Corporate insiders own 6.80% of the company's stock.

Snowflake Stock Performance

SNOW stock opened at $199.11 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market cap of $66.47 billion, a P/E ratio of -47.29 and a beta of 1.22. The firm has a 50 day simple moving average of $212.50 and a 200 day simple moving average of $184.56. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the prior year, the company earned $0.14 EPS. The business's quarterly revenue was up 25.8% compared to the same quarter last year. Research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNOW has been the topic of several recent analyst reports. KeyCorp reaffirmed an "overweight" rating on shares of Snowflake in a research report on Wednesday, June 25th. HSBC lowered Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Morgan Stanley began coverage on Snowflake in a report on Tuesday, June 24th. They issued an "overweight" rating and a $262.00 price target for the company. CICC Research began coverage on Snowflake in a research report on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective for the company. Finally, Stephens initiated coverage on Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 price target for the company. Two investment 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 company. Based on data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and a consensus price target of $226.32.

Snowflake 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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.