Snowflake Inc. $SNOW Shares Sold by Temasek Holdings Private Ltd

Key Points

• Temasek Holdings cut its Snowflake stake by 44.7% in the first quarter, selling 164,778 shares and ending with 203,750 shares worth about $30.7 million.
• Insider selling has been significant, including large sales by directors Michael L. Speiser and Frank Slootman; company insiders sold about 1.8 million shares worth $421.7 million over the last 90 days.
• Snowflake beat quarterly expectations with EPS of $0.39 and revenue of $1.39 billion, while analysts remain mostly positive with an average Moderate Buy rating and a $296.27 price target.

Temasek Holdings Private Ltd trimmed its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 44.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 203,750 shares of the company's stock after selling 164,778 shares during the quarter. Temasek Holdings Private Ltd owned approximately 0.06% of Snowflake worth $30,730,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SNOW. Brighton Jones LLC lifted its position in Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. Intech Investment Management LLC grew its position in Snowflake by 24.0% in the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock worth $1,637,000 after purchasing an additional 2,167 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock valued at $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of Snowflake in the second quarter valued at approximately $221,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Snowflake by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company's stock valued at $5,055,000 after purchasing an additional 1,521 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Activity

In related news, Director Michael L. Speiser sold 50,338 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the transaction, the director owned 28,556 shares of the company's stock, valued at $4,043,529.60. This trade represents a 63.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the firm's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares of the company's stock, valued at $9,603,951.78. This represents a 91.99% 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 1,802,015 shares of company stock worth $421,739,629. 4.80% of the stock is owned by company insiders.

Snowflake Trading Down 1.2%

Snowflake stock opened at $270.92 on Wednesday. Snowflake Inc. has a 12-month low of $118.30 and a 12-month high of $284.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $93.90 billion, a PE ratio of -76.97 and a beta of 1.35. The firm has a 50 day simple moving average of $232.28 and a 200-day simple moving average of $194.18.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion for 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 company earned $0.24 earnings per share. As a group, equities research analysts expect that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SNOW. Loop Capital boosted their price objective on Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Wells Fargo & Company lifted their target price on Snowflake from $210.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Monness Crespi & Hardt boosted their price target on Snowflake from $282.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Royal Bank Of Canada increased their price target on Snowflake from $284.00 to $313.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Finally, Wedbush increased their price target on Snowflake from $270.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Thirty-four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $296.27.

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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