Snowflake Inc. $SNOW Shares Sold by Sands Capital Ventures LLC

Key Points

• Sands Capital Ventures LLC reduced its holdings in Snowflake Inc. by 31.2%, now owning 26,828 shares valued at approximately $3.9 million.
• Snowflake's quarterly revenue was $1.04 billion, exceeding estimates, while the company reported a 25.8% year-over-year growth.
• Several analysts have a consensus rating of "Moderate Buy" for Snowflake, with a target price averaging $226.86.

Sands Capital Ventures LLC cut its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 31.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,828 shares of the company's stock after selling 12,179 shares during the period. Snowflake accounts for about 1.0% of Sands Capital Ventures LLC's holdings, making the stock its 16th biggest position. Sands Capital Ventures LLC's holdings in Snowflake were worth $3,921,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SNOW. Opal Wealth Advisors LLC purchased a new position in Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC grew its position in Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the last quarter. West Paces Advisors Inc. purchased a new position in Snowflake in the 4th quarter valued at $31,000. Spurstone Advisory Services LLC purchased a new position in Snowflake in the 4th quarter valued at $31,000. Finally, Capital A Wealth Management LLC purchased a new position in Snowflake in the 4th quarter valued at $31,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Frank Slootman sold 424,852 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. The trade was a 71.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,916,826 shares of company stock valued at $637,835,052 in the last three months. 6.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SNOW shares. Bank of America upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $220.00 to $240.00 in a research report on Wednesday. Robert W. Baird boosted their target price on shares of Snowflake from $200.00 to $215.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Piper Sandler restated an "overweight" rating and set a $215.00 target price (up from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Raymond James Financial restated an "outperform" rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Finally, Cowen restated a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $230.22.

Snowflake Price Performance

Shares of NYSE:SNOW traded up $2.1110 during midday trading on Friday, hitting $196.7910. 3,096,066 shares of the stock were exchanged, compared to its average volume of 4,227,432. The stock has a market cap of $65.70 billion, a P/E ratio of -46.74 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The company has a 50 day moving average price of $211.11 and a 200-day moving average price of $184.91.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the company posted $0.14 EPS. The business's revenue was up 25.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Snowflake Company Profile

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.