Spyglass Capital Management LLC Grows Holdings in Snowflake Inc. $SNOW

Key Points

• Spyglass Capital Management increased its Snowflake stake by 7.1% in the first quarter to 352,268 shares, valued at approximately $53.1 million and representing 3.8% of its portfolio.
• Institutional investors own 65.1% of Snowflake, while insiders sold approximately $504.1 million worth of shares over the past 90 days, including sizable sales by directors Teresa Briggs and Frank Slootman.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $296.27 price target. Snowflake also exceeded quarterly earnings and revenue estimates, reporting $0.39 in EPS and $1.39 billion in revenue, up 33.5% year over year.

Spyglass Capital Management LLC grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 7.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 352,268 shares of the company's stock after acquiring an additional 23,450 shares during the period. Snowflake comprises approximately 3.8% of Spyglass Capital Management LLC's investment portfolio, making the stock its 14th biggest position. Spyglass Capital Management LLC owned approximately 0.10% of Snowflake worth $53,129,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in shares of Snowflake in the 4th quarter valued at about $28,000. Greenline Wealth Management LLC acquired a new position in Snowflake in the 4th quarter worth about $29,000. Physician Wealth Advisors Inc. boosted its position in Snowflake by 56.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock worth $31,000 after purchasing an additional 51 shares in the last quarter. MV Capital Management Inc. purchased a new position in Snowflake during the fourth quarter worth approximately $32,000. Finally, HHM Wealth Advisors LLC grew its holdings in Snowflake by 50.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company's stock valued at $33,000 after purchasing an additional 50 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Teresa Briggs sold 343 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $255.11, for a total value of $87,502.73. Following the transaction, the director directly owned 5,060 shares of the company's stock, valued at $1,290,856.60. This trade represents a 6.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 business's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $275.10, for a total value of $2,837,656.50. Following the transaction, the director owned 28,535 shares in the company, valued at approximately $7,849,978.50. This represents a 26.55% decrease in their ownership of the stock. 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. Insiders sold a total of 2,102,015 shares of company stock worth $504,063,952 in the last 90 days. 4.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. TD Cowen restated a "buy" rating and issued a $300.00 price objective on shares of Snowflake in a research report on Wednesday, June 3rd. Wells Fargo & Company lifted their price target on shares of Snowflake from $210.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Weiss Ratings lowered shares of Snowflake from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Barclays upped their price objective on shares of Snowflake from $272.00 to $285.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 4th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $275.00 price objective on shares of Snowflake in a report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned 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 a consensus price target of $296.27.

Snowflake Trading Down 1.1%

Shares of SNOW stock opened at $269.83 on Wednesday. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock's fifty day moving average is $243.29 and its two-hundred day moving average is $195.70. The firm has a market capitalization of $93.52 billion, a P/E ratio of -76.66 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share 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 the consensus estimate of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company's revenue for the quarter was up 33.5% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share. Research analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

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.

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.