Snowflake Inc. $SNOW Shares Acquired by TimesSquare Capital Management LLC

Key Points

• TimesSquare Capital Management boosted its Snowflake stake by 86.3% in the fourth quarter, owning 209,653 shares worth about $46 million after the purchase.
• Institutional ownership remains high at 65.10%, with several other hedge funds also adding to or starting positions in Snowflake during recent quarters.
• Analysts remain mostly bullish despite lower price targets from firms like Goldman Sachs, Canaccord, and Morgan Stanley; the stock still carries a “Moderate Buy” consensus with an average target of $242.19.

TimesSquare Capital Management LLC increased its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 86.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 209,653 shares of the company's stock after acquiring an additional 97,128 shares during the period. TimesSquare Capital Management LLC owned about 0.06% of Snowflake worth $45,989,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNOW. Grey Fox Wealth Advisors LLC acquired a new stake in Snowflake during the third quarter worth about $25,000. GoalVest Advisory LLC grew its holdings in Snowflake by 221.4% during the fourth quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock worth $30,000 after acquiring an additional 93 shares during the period. Physician Wealth Advisors Inc. grew its holdings in Snowflake by 56.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after acquiring an additional 51 shares during the period. HHM Wealth Advisors LLC grew its holdings in Snowflake by 50.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company's stock worth $33,000 after acquiring an additional 50 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in Snowflake during the third quarter worth about $34,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SNOW has been the topic of several analyst reports. The Goldman Sachs Group dropped their target price on Snowflake from $286.00 to $246.00 and set a "buy" rating on the stock in a report on Wednesday, February 11th. Citigroup reaffirmed a "buy" rating on shares of Snowflake in a report on Monday. Oppenheimer reaffirmed a "buy" rating on shares of Snowflake in a report on Thursday, February 26th. Canaccord Genuity Group dropped their target price on Snowflake from $270.00 to $240.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Finally, Morgan Stanley dropped their target price on Snowflake from $270.00 to $245.00 and set an "overweight" rating on the stock in a report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $242.19.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $165.01, for a total value of $1,650,100.00. Following the transaction, the executive vice president owned 510,477 shares in the company, valued at $84,233,809.77. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Vivek Raghunathan sold 3,876 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $152.80, for a total value of $592,252.80. Following the completion of the transaction, the senior vice president owned 273,323 shares in the company, valued at approximately $41,763,754.40. This trade represents a 1.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 384,313 shares of company stock worth $64,308,373. 6.80% of the stock is owned by insiders.

Snowflake Stock Up 4.3%

Shares of SNOW opened at $164.24 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $280.67. The stock's 50 day moving average is $154.76 and its two-hundred day moving average is $195.52. The firm has a market cap of $56.78 billion, a P/E ratio of -41.58 and a beta of 1.08.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.Snowflake's quarterly revenue was up 30.1% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. Analysts predict that Snowflake Inc. will post -2.16 earnings per share for the current fiscal year.

Snowflake 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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