Zweig DiMenna Associates LLC Invests $5.97 Million in Snowflake Inc. $SNOW

Key Points

• Zweig DiMenna Associates LLC opened a new position in Snowflake during the first quarter, buying 39,600 shares worth about $5.97 million.
• Snowflake’s stock was up 2.8%, opening at $276.21, near its 52-week high of $284.99.
• The company beat quarterly expectations, reporting $0.39 EPS on $1.39 billion in revenue, while analysts remain generally bullish with a consensus price target of $293.53.

Zweig DiMenna Associates LLC purchased a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 39,600 shares of the company's stock, valued at approximately $5,972,000.

A number of other institutional investors have also recently modified their holdings of SNOW. Kemnay Advisory Services Inc. acquired a new position in Snowflake during the fourth quarter worth $28,000. Greenline Wealth Management LLC acquired a new stake in Snowflake in the fourth quarter valued at $29,000. GoalVest Advisory LLC lifted its holdings in Snowflake by 221.4% in the fourth quarter. GoalVest Advisory LLC now owns 135 shares of the company's stock valued at $30,000 after acquiring an additional 93 shares during the period. Physician Wealth Advisors Inc. lifted its holdings in Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company's stock valued at $31,000 after acquiring an additional 51 shares during the period. Finally, Emerald Advisers LLC boosted its position in shares of Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company's stock worth $31,000 after purchasing an additional 100 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares in the company, valued at approximately $2,200,250. The trade was a 91.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the sale, the director directly owned 28,556 shares in the company, valued at $4,043,529.60. This trade represents a 63.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,802,015 shares of company stock worth $421,739,629. Insiders own 4.80% of the company's stock.

Snowflake Trading Up 2.8%

Shares of SNOW stock opened at $276.21 on Wednesday. The stock has a market cap of $95.73 billion, a P/E ratio of -78.47 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. The business has a fifty day simple moving average of $220.12 and a 200-day simple moving average of $192.44.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The business's revenue for the quarter was up 33.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. On average, analysts forecast that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Oppenheimer upped their price target on shares of Snowflake from $250.00 to $295.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Loop Capital boosted their price objective on shares of Snowflake from $290.00 to $320.00 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. Needham & Company LLC upped their target price on shares of Snowflake from $300.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. UBS Group restated a "buy" rating on shares of Snowflake in a research report on Monday, June 22nd. Finally, Monness Crespi & Hardt increased their target price on shares of Snowflake from $282.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $293.53.

Snowflake Company 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.

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