Snowflake Inc. $SNOW Shares Acquired by Summit Partners Public Asset Management LLC

Key Points

• Summit Partners Public Asset Management increased its Snowflake stake by 17.6% in the fourth quarter, ending with 140,461 shares valued at about $30.8 million.
• Insiders have been selling shares, including Director Mark Garrett’s sale of 100,000 shares for $25 million and Michael L. Speiser’s sale of 50,338 shares under a pre-arranged trading plan.
• Analysts remain mostly bullish on Snowflake, with several firms raising price targets and the stock carrying a “Moderate Buy” consensus target of $291.77; the company also beat fiscal-quarter EPS and revenue estimates in its latest earnings report.

Summit Partners Public Asset Management LLC lifted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 140,461 shares of the company's stock after purchasing an additional 21,017 shares during the quarter. Summit Partners Public Asset Management LLC's holdings in Snowflake were worth $30,812,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Melqart Asset Management UK Ltd grew its stake in shares of Snowflake by 176.5% during the 4th quarter. Melqart Asset Management UK Ltd now owns 144,695 shares of the company's stock worth $31,740,000 after purchasing an additional 92,363 shares during the period. Blair William & Co. IL grew its stake in shares of Snowflake by 25.4% during the 4th quarter. Blair William & Co. IL now owns 35,417 shares of the company's stock worth $7,769,000 after purchasing an additional 7,168 shares during the period. Graham Capital Management L.P. grew its stake in shares of Snowflake by 54.6% during the 4th quarter. Graham Capital Management L.P. now owns 1,988 shares of the company's stock worth $436,000 after purchasing an additional 702 shares during the period. Howe & Rusling Inc. acquired a new position in shares of Snowflake during the 4th quarter worth $215,000. Finally, Militia Capital Partners LP acquired a new position in shares of Snowflake during the 4th quarter worth $724,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director directly owned 8,801 shares in the company, valued at approximately $2,200,250. This represents a 91.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $148.21, for a total transaction of $7,460,594.98. Following the transaction, the director owned 29,396 shares in the company, valued at approximately $4,356,781.16. The trade was a 63.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,489,989 shares of company stock worth $341,929,050. Corporate insiders own 4.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Barclays upped their price target on shares of Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 4th. The Goldman Sachs Group increased their price objective on shares of Snowflake from $216.00 to $278.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. BTIG Research increased their price objective on shares of Snowflake from $280.00 to $325.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $282.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Snowflake from $245.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $291.77.

Snowflake Price Performance

NYSE:SNOW opened at $239.11 on Wednesday. The firm has a market cap of $82.87 billion, a price-to-earnings ratio of -67.93 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The company's 50-day moving average is $177.16 and its two-hundred day moving average is $189.71. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99.

Snowflake (NYSE:SNOW - Get Free Report) last released its earnings results 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. 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. Research analysts expect that Snowflake Inc. will post -1.87 EPS for the current year.

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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