Thematics Asset Management Grows Stock Position in Snowflake Inc. $SNOW

Key Points

• Thematics Asset Management increased its holdings in Snowflake Inc. by 4.2%, acquiring an additional 11,887 shares, bringing its total to 293,583 shares, which constitutes 2.2% of its portfolio.
• In a significant insider trade, CFO Michael Scarpelli sold 400,000 shares of Snowflake's stock, representing a 57.75% decrease in his position, while Director Frank Slootman sold 424,852 shares, reflecting a 71.97% decrease.
• Snowflake's shares opened at $196.79, with a market capitalization of $65.70 billion, and the company reported revenue of $1.04 billion for the recent quarter, exceeding estimates.

Thematics Asset Management lifted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 4.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 293,583 shares of the company's stock after acquiring an additional 11,887 shares during the period. Snowflake makes up about 2.2% of Thematics Asset Management's investment portfolio, making the stock its 5th largest holding. Thematics Asset Management owned about 0.09% of Snowflake worth $42,910,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC increased its holdings in Snowflake by 73.4% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 252,690 shares of the company's stock worth $36,933,000 after purchasing an additional 106,992 shares in the last quarter. Oak Harvest Investment Services increased its position in shares of Snowflake by 55.3% in the first quarter. Oak Harvest Investment Services now owns 23,840 shares of the company's stock valued at $3,484,000 after acquiring an additional 8,492 shares during the last quarter. In Depth Partners LLC raised its stake in shares of Snowflake by 3.7% during the 1st quarter. In Depth Partners LLC now owns 15,857 shares of the company's stock worth $2,318,000 after purchasing an additional 570 shares in the last quarter. Jump Financial LLC lifted its stake in Snowflake by 53.8% in the first quarter. Jump Financial LLC now owns 61,480 shares of the company's stock valued at $8,986,000 after acquiring an additional 21,514 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Snowflake by 23.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,091 shares of the company's stock valued at $164,000 after purchasing an additional 204 shares during the period. 65.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SNOW shares. Mizuho increased their price target on Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday. BTIG Research increased their price objective on Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a research report on Thursday. Truist Financial lifted their target price on Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday. Raymond James Financial upped their price target on shares of Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Barclays raised their price target on shares of Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Price Performance

Snowflake stock traded up $40.45 during mid-day trading on Thursday, reaching $240.84. The company had a trading volume of 42,050,867 shares, compared to its average volume of 5,299,384. The business has a fifty day simple moving average of $210.30 and a 200 day simple moving average of $185.15. The company has a market cap of $80.41 billion, a P/E ratio of -57.21 and a beta of 1.22. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $249.99. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94.

Insider Transactions at Snowflake

In other Snowflake news, Director Teresa Briggs sold 1,146 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the transaction, the director owned 4,474 shares of the company's stock, valued at $974,168.76. This represents a 20.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the sale, the executive vice president directly owned 537,336 shares in the company, valued at $116,064,576. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,516,826 shares of company stock worth $555,691,052. 6.80% of the stock is currently owned by insiders.

About Snowflake

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.