Snowflake Inc. (NYSE:SNOW) is Altimeter Capital Management LP's 3rd Largest Position

Altimeter Capital Management LP lowered its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 42.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,978,310 shares of the company's stock after selling 3,669,649 shares during the period. Snowflake accounts for 13.9% of Altimeter Capital Management LP's holdings, making the stock its 3rd biggest position. Altimeter Capital Management LP owned 1.51% of Snowflake worth $768,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Jennison Associates LLC raised its holdings in shares of Snowflake by 92.2% during the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company's stock worth $1,179,230,000 after purchasing an additional 3,662,671 shares during the last quarter. Norges Bank acquired a new stake in Snowflake during the fourth quarter worth about $988,950,000. FMR LLC lifted its holdings in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock valued at $943,155,000 after acquiring an additional 2,805,425 shares during the period. GQG Partners LLC purchased a new stake in Snowflake in the 4th quarter worth approximately $750,572,000. Finally, Geode Capital Management LLC lifted its stake in shares of Snowflake by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock valued at $642,742,000 after purchasing an additional 15,314 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $168.01, for a total transaction of $67,708.03. Following the transaction, the director now directly owns 25,972 shares of the company's stock, valued at approximately $4,363,555.72. This trade represents a 1.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $171.75, for a total transaction of $2,576,250.00. Following the sale, the executive vice president now owns 594,975 shares of the company's stock, valued at $102,186,956.25. This trade represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 356,963 shares of company stock valued at $58,204,058 in the last ninety days. Insiders own 7.80% of the company's stock.

Snowflake Stock Up 0.4 %

SNOW traded up $0.67 on Tuesday, reaching $168.54. The company's stock had a trading volume of 2,279,053 shares, compared to its average volume of 6,396,124. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $194.40. The stock has a 50 day moving average of $153.50 and a two-hundred day moving average of $157.82. The company has a market capitalization of $55.63 billion, a price-to-earnings ratio of -49.72 and a beta of 1.11.

Analyst Upgrades and Downgrades

Several research firms recently commented on SNOW. Mizuho raised their price target on shares of Snowflake from $195.00 to $205.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. StockNews.com upgraded Snowflake from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. DA Davidson cut their price objective on Snowflake from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Royal Bank of Canada lifted their price target on shares of Snowflake from $210.00 to $221.00 and gave the company an "outperform" rating in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group increased their price objective on shares of Snowflake from $190.00 to $220.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average target price of $200.28.

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.