Snowflake Inc. $SNOW Shares Bought by Jennison Associates LLC

Key Points

• Jennison Associates LLC boosted its Snowflake stake by 27.7% to 11,603,302 shares (about 3.39% of Snowflake, valued at $2.5453B), making SNOW its 16th-largest holding and ~1.5% of Jennison’s portfolio.
• Snowflake beat the quarter with $0.32 EPS vs. $0.27 expected and revenue of $1.28B (up 30.1% YoY), but remains unprofitable with a −28.43% net margin and −50.61% ROE, and analysts forecast −$2.16 EPS for the fiscal year.
• Institutional investors own about 65.1% of SNOW while insiders have sold 394,313 shares (~$67.5M) in the last 90 days (insiders now own 6.8%); the sell‑side consensus is a "Moderate Buy" with an average target of $242.19.

Jennison Associates LLC boosted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 27.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 11,603,302 shares of the company's stock after acquiring an additional 2,519,413 shares during the quarter. Snowflake comprises about 1.5% of Jennison Associates LLC's portfolio, making the stock its 16th largest position. Jennison Associates LLC owned about 3.39% of Snowflake worth $2,545,300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNOW. Coatue Management LLC purchased a new position in shares of Snowflake during the 3rd quarter valued at about $441,277,000. American Century Companies Inc. raised its stake in shares of Snowflake by 233.3% during the 3rd quarter. American Century Companies Inc. now owns 2,104,925 shares of the company's stock valued at $474,766,000 after buying an additional 1,473,354 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Snowflake by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock valued at $6,601,790,000 after buying an additional 1,448,094 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Snowflake by 445.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company's stock valued at $326,971,000 after buying an additional 1,217,350 shares during the last quarter. Finally, Scge Management L.P. purchased a new position in shares of Snowflake during the 2nd quarter valued at about $140,528,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Price Performance

Shares of Snowflake stock opened at $135.31 on Thursday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $280.67. The business has a 50-day moving average price of $158.97 and a 200 day moving average price of $203.51. The firm has a market cap of $46.78 billion, a PE ratio of -33.97 and a beta of 1.23.

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

Insiders Place Their Bets

In related news, SVP Vivek Raghunathan sold 3,876 shares of Snowflake stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $152.80, for a total value of $592,252.80. Following the sale, the senior vice president directly owned 273,323 shares in the company, valued at approximately $41,763,754.40. The trade was a 1.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $175.19, for a total value of $8,818,714.22. Following the completion of the sale, the director owned 30,236 shares in the company, valued at approximately $5,297,044.84. The trade was a 62.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 394,313 shares of company stock worth $67,477,780 in the last 90 days. 6.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SNOW has been the subject of a number of recent research reports. KeyCorp reduced their price objective on Snowflake from $235.00 to $200.00 and set an "overweight" rating for the company in a research note on Wednesday, April 15th. Wells Fargo & Company reduced their price objective on Snowflake from $290.00 to $210.00 and set an "overweight" rating for the company in a research note on Thursday, February 26th. Oppenheimer reiterated a "buy" rating on shares of Snowflake in a research note on Thursday, February 26th. BTIG Research reduced their price objective on Snowflake from $312.00 to $235.00 and set a "buy" rating for the company in a research note on Monday, February 23rd. Finally, Stifel Nicolaus set a $205.00 price objective on Snowflake in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $242.19.

Snowflake Company 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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.