Snowflake Inc. $SNOW Shares Sold by Atreides Management LP

Key Points

• Atreides Management sharply reduced its Snowflake stake by 69.8% in the first quarter, selling 333,936 shares and retaining 144,818 shares valued at approximately $21.8 million. Institutional investors collectively own 65.1% of Snowflake.
• Snowflake exceeded quarterly expectations, reporting $0.39 in adjusted EPS versus a $0.32 consensus and $1.39 billion in revenue, up 33.5% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $296.27.
• Insider selling has been substantial: insiders sold approximately 2.1 million shares worth $504.1 million over the past 90 days, including sales by directors Frank Slootman and Teresa Briggs under pre-arranged Rule 10b5-1 plans.

Atreides Management LP decreased its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 69.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,818 shares of the company's stock after selling 333,936 shares during the period. Atreides Management LP's holdings in Snowflake were worth $21,841,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. HHM Wealth Advisors LLC grew its position in Snowflake by 50.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company's stock worth $33,000 after buying an additional 50 shares during the last quarter. United Asset Strategies Inc. grew its holdings in shares of Snowflake by 1.4% in the 4th quarter. United Asset Strategies Inc. now owns 3,544 shares of the company's stock worth $777,000 after acquiring an additional 50 shares during the last quarter. Physician Wealth Advisors Inc. grew its holdings in shares of Snowflake by 56.0% in the 4th 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 last quarter. ORG Partners LLC raised its position in shares of Snowflake by 3.3% during the fourth quarter. ORG Partners LLC now owns 1,796 shares of the company's stock worth $394,000 after purchasing an additional 58 shares during the period. Finally, Beaumont Financial Advisors LLC raised its position in shares of Snowflake by 4.7% during the fourth quarter. Beaumont Financial Advisors LLC now owns 1,312 shares of the company's stock worth $288,000 after purchasing an additional 59 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Down 1.1%

SNOW opened at $269.83 on Wednesday. The company has a market capitalization of $93.52 billion, a PE ratio of -76.66 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. The business has a 50-day moving average of $243.29 and a 200-day moving average of $195.70.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm's quarterly revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. Equities research analysts forecast that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNOW. Weiss Ratings lowered shares of Snowflake from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Barclays lifted their price target on Snowflake from $272.00 to $285.00 and gave the company an "equal weight" rating in a report on Thursday, June 4th. Wedbush increased their price objective on Snowflake from $270.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Mizuho raised their price objective on Snowflake from $220.00 to $295.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Finally, Bank of America lifted their target price on Snowflake from $205.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $296.27.

Insider Buying and Selling at Snowflake

In other news, Director Teresa Briggs sold 343 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $255.11, for a total transaction of $87,502.73. Following the transaction, the director owned 5,060 shares in the company, valued at $1,290,856.60. This represents a 6.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 10,315 shares of the firm's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $275.10, for a total transaction of $2,837,656.50. Following the transaction, the director owned 28,535 shares in the company, valued at $7,849,978.50. This represents a 26.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 2,102,015 shares of company stock valued at $504,063,952. 4.80% of the stock is currently owned by insiders.

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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