Snowflake Inc. (NYSE:SNOW) Shares Bought by Red Spruce Capital LLC

Red Spruce Capital LLC increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 26.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,166 shares of the company's stock after acquiring an additional 3,546 shares during the quarter. Snowflake comprises about 1.2% of Red Spruce Capital LLC's portfolio, making the stock its 29th largest holding. Red Spruce Capital LLC's holdings in Snowflake were worth $2,509,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC lifted its position in Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock valued at $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. Norges Bank bought a new position in Snowflake during the fourth quarter valued at $988,950,000. FMR LLC lifted 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. GQG Partners LLC bought a new position in Snowflake during the fourth quarter valued at $750,572,000. Finally, Geode Capital Management LLC lifted its position in Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock valued at $642,742,000 after purchasing an additional 15,314 shares during the last quarter. Institutional investors own 65.10% of the company's stock.

Insider Activity

In other news, CFO Michael Scarpelli sold 300,000 shares of the firm's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total value of $48,963,000.00. Following the sale, the chief financial officer now directly owns 292,610 shares in the company, valued at approximately $47,756,878.10. This trade represents a 50.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the completion of the sale, the director now owns 7,428 shares in the company, valued at $1,478,023.44. This represents a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 849,779 shares of company stock worth $158,838,193. Corporate insiders own 7.80% of the company's stock.

Analyst Ratings Changes

SNOW has been the subject of several research reports. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $230.00 to $245.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Sanford C. Bernstein reiterated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Royal Bank of Canada set a $236.00 target price on shares of Snowflake and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Morgan Stanley reissued an "equal weight" rating on shares of Snowflake in a research note on Thursday, May 22nd. Finally, Canaccord Genuity Group increased their target price on shares of Snowflake from $190.00 to $220.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $217.33.

Snowflake Stock Up 1.7%

NYSE SNOW traded up $3.38 during trading on Friday, reaching $205.69. 7,073,445 shares of the company's stock traded hands, compared to its average volume of 6,434,906. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market cap of $68.67 billion, a price-to-earnings ratio of -60.68 and a beta of 1.11. The company's 50 day simple moving average is $163.63 and its two-hundred day simple moving average is $166.60. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $209.80.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative net margin of 33.02% and a negative return on equity of 24.23%. The company's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.