Snowflake Inc. $SNOW Position Raised by Westend Capital Management LLC

Key Points

• Westend Capital Management LLC increased its stake in Snowflake Inc. by 2.0% in Q2, now holding 70,784 shares valued at approximately $15.84 million, which makes up about 4.9% of their portfolio.
• Insider activity includes Frank Slootman, Snowflake's director, selling 710,083 shares for over $163 million, reducing his ownership by 81.1%.
• Analysts have raised their price targets for Snowflake, with a consensus target price now at $255.53, indicating a predominately positive outlook with numerous buy ratings.

Westend Capital Management LLC lifted its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,784 shares of the company's stock after acquiring an additional 1,380 shares during the quarter. Snowflake makes up approximately 4.9% of Westend Capital Management LLC's holdings, making the stock its 6th biggest holding. Westend Capital Management LLC's holdings in Snowflake were worth $15,839,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Snowflake by 1.2% during the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock worth $3,974,705,000 after buying an additional 316,573 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Snowflake in the 2nd quarter valued at approximately $3,900,134,000. Price T Rowe Associates Inc. MD grew its stake in shares of Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after buying an additional 763,673 shares during the period. Nuveen LLC acquired a new position in shares of Snowflake in the 1st quarter worth approximately $555,847,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Snowflake by 22.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after buying an additional 650,775 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Frank Slootman sold 7,551 shares of Snowflake stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the transaction, the director owned 153,226 shares of the company's stock, valued at $33,899,720.24. The trade was a 4.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $224.84, for a total value of $90,610.52. Following the transaction, the director directly owned 25,733 shares in the company, valued at approximately $5,785,807.72. The trade was a 1.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,222,036 shares of company stock worth $719,457,410 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Snowflake Stock Down 0.5%

Shares of NYSE SNOW traded down $1.07 during trading hours on Monday, hitting $229.41. The company had a trading volume of 3,213,134 shares, compared to its average volume of 8,027,547. Snowflake Inc. has a 1-year low of $108.71 and a 1-year high of $249.99. The firm's 50 day moving average is $213.48 and its 200-day moving average is $191.47. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $77.72 billion, a P/E ratio of -55.28 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter last year, the business earned $0.18 EPS. The company's quarterly revenue was up 31.8% compared to the same quarter last year. On average, analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SNOW shares. Wells Fargo & Company raised their price objective on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Morgan Stanley lifted their target price on shares of Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Cantor Fitzgerald lifted their target price on shares of Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Robert W. Baird boosted their target price on shares of Snowflake from $215.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Finally, Piper Sandler boosted their target price on shares of Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

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.