Monolith Management Ltd Buys Shares of 35,000 Snowflake Inc. (NYSE:SNOW)

Monolith Management Ltd purchased a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 35,000 shares of the company's stock, valued at approximately $6,965,000. Snowflake makes up approximately 3.6% of Monolith Management Ltd's portfolio, making the stock its 10th biggest position.

A number of other hedge funds have also made changes to their positions in SNOW. Provence Wealth Management Group bought a new stake in Snowflake during the third quarter valued at about $30,000. M&R Capital Management Inc. grew its holdings in Snowflake by 100.0% in the 4th quarter. M&R Capital Management Inc. now owns 200 shares of the company's stock valued at $40,000 after buying an additional 100 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Snowflake by 34.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 202 shares of the company's stock worth $40,000 after buying an additional 52 shares during the period. Global Wealth Management Investment Advisory Inc. increased its position in Snowflake by 89.0% in the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 206 shares of the company's stock worth $31,000 after buying an additional 97 shares during the period. Finally, Private Trust Co. NA lifted its holdings in shares of Snowflake by 188.6% during the fourth quarter. Private Trust Co. NA now owns 228 shares of the company's stock worth $45,000 after buying an additional 149 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. BNP Paribas upgraded shares of Snowflake from a "neutral" rating to an "outperform" rating and set a $200.00 price objective on the stock in a research note on Thursday, May 2nd. Morgan Stanley reaffirmed an "equal weight" rating and set a $175.00 price objective (down previously from $230.00) on shares of Snowflake in a research report on Thursday, February 29th. Guggenheim raised Snowflake from a "sell" rating to a "neutral" rating in a research report on Friday, March 15th. Bank of America cut their price target on Snowflake from $212.00 to $200.00 and set a "neutral" rating for the company in a report on Wednesday. Finally, Evercore ISI decreased their price objective on Snowflake from $250.00 to $225.00 and set an "outperform" rating on the stock in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $202.43.

Snowflake Stock Performance

SNOW traded up $3.40 during midday trading on Wednesday, hitting $164.35. The company had a trading volume of 4,137,977 shares, compared to its average volume of 6,100,217. Snowflake Inc. has a twelve month low of $138.40 and a twelve month high of $237.72. The company has a market capitalization of $54.93 billion, a PE ratio of -63.14 and a beta of 0.90. The firm's 50-day simple moving average is $157.18 and its 200-day simple moving average is $179.73.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share for the quarter, beating analysts' consensus estimates of ($0.49) by $0.05. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. The business had revenue of $774.70 million during the quarter, compared to analyst estimates of $759.86 million. As a group, sell-side analysts anticipate that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Insider Activity

In other news, EVP Christian Kleinerman sold 1,500 shares of the company's stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $161.15, for a total transaction of $241,725.00. Following the transaction, the executive vice president now owns 772,597 shares of the company's stock, valued at $124,504,006.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Snowflake news, Director Mark D. Mclaughlin bought 3,030 shares of the company's stock in a transaction on Wednesday, March 6th. The stock was bought at an average price of $165.45 per share, for a total transaction of $501,313.50. Following the transaction, the director now owns 11,687 shares of the company's stock, valued at approximately $1,933,614.15. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 1,500 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $161.15, for a total value of $241,725.00. Following the completion of the transaction, the executive vice president now directly owns 772,597 shares in the company, valued at approximately $124,504,006.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,380 shares of company stock valued at $9,803,625. Company insiders own 8.30% of the company's stock.

Snowflake 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.