Snowflake Inc. $SNOW Shares Bought by Ballentine Partners LLC

Key Points

• Ballentine Partners LLC increased its stake in Snowflake Inc. by 63.2% during the second quarter, now holding 3,045 shares valued at approximately $681,000.
• Insider Frank Slootman sold over 710,000 shares of Snowflake stock in August, significantly reducing his ownership by 81.10%.
• Snowflake's quarterly revenue saw a substantial increase of 31.8% year-over-year, reaching $1.14 billion, surpassing analysts' expectations.

Ballentine Partners LLC grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 63.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,045 shares of the company's stock after acquiring an additional 1,179 shares during the quarter. Ballentine Partners LLC's holdings in Snowflake were worth $681,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SNOW. Brighton Jones LLC grew its stake in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Toronto Dominion Bank lifted its stake in Snowflake by 9.2% in the 4th quarter. Toronto Dominion Bank now owns 40,655 shares of the company's stock worth $6,278,000 after acquiring an additional 3,429 shares in the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Snowflake by 12.7% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 7,785 shares of the company's stock worth $1,202,000 after purchasing an additional 875 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Snowflake by 1,325.2% during the 4th quarter. Wellington Management Group LLP now owns 108,527 shares of the company's stock worth $16,758,000 after purchasing an additional 100,912 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Snowflake by 77.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 337 shares of the company's stock valued at $49,000 after acquiring an additional 147 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the sale, the director directly owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $11,148,356.86. Following the sale, the director directly owned 36,956 shares of the company's stock, valued at $8,184,645.32. This represents a 57.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,469,296 shares of company stock worth $553,371,035 over the last three months. 6.80% of the stock is owned by company insiders.

Snowflake Trading Up 1.4%

Shares of SNOW opened at $224.64 on Friday. Snowflake Inc. has a 52-week low of $108.71 and a 52-week high of $249.99. The business's fifty day moving average is $214.29 and its 200-day moving average is $192.94. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market cap of $76.11 billion, a price-to-earnings ratio of -54.13 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.Snowflake's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. Equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on SNOW shares. Canaccord Genuity Group lifted their price objective on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Macquarie boosted their target price on Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. DA Davidson reiterated a "buy" rating and issued a $250.00 price objective on shares of Snowflake in a report on Monday, August 25th. Guggenheim restated a "neutral" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Royal Bank Of Canada increased their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

About Snowflake

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.

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.