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

Altimeter Capital Management LP cut its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 42.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,978,310 shares of the company's stock after selling 3,669,649 shares during the quarter. Snowflake comprises 13.9% of Altimeter Capital Management LP's investment portfolio, making the stock its 3rd biggest holding. Altimeter Capital Management LP owned approximately 1.51% of Snowflake worth $768,701,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new position in Snowflake during the 4th quarter valued at about $29,000. West Paces Advisors Inc. bought a new stake in shares of Snowflake in the fourth quarter worth $31,000. Quadrant Capital Group LLC lifted its holdings in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock valued at $33,000 after acquiring an additional 91 shares during the period. Blue Bell Private Wealth Management LLC boosted its position in Snowflake by 189.5% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company's stock worth $34,000 after purchasing an additional 144 shares during the last quarter. Finally, Perkins Coie Trust Co grew its stake in shares of Snowflake by 136.3% during the 4th quarter. Perkins Coie Trust Co now owns 241 shares of the company's stock valued at $37,000 after purchasing an additional 139 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $168.01, for a total value of $67,708.03. Following the transaction, the director now directly owns 25,972 shares in the company, valued at approximately $4,363,555.72. This represents a 1.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christian Kleinerman sold 15,000 shares of Snowflake stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the completion of the sale, the executive vice president now owns 594,975 shares in the company, valued at $102,186,956.25. This represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 356,963 shares of company stock worth $58,204,058. 7.80% of the stock is owned by insiders.

Snowflake Price Performance

Snowflake stock traded up $4.76 during midday trading on Thursday, reaching $175.32. The company had a trading volume of 1,887,308 shares, compared to its average volume of 6,368,625. The firm's fifty day simple moving average is $153.27 and its 200-day simple moving average is $157.99. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $194.40. The company has a market capitalization of $57.87 billion, a P/E ratio of -51.72 and a beta of 1.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.

Wall Street Analyst Weigh In

SNOW has been the subject of several recent research reports. Wells Fargo & Company reduced their target price on shares of Snowflake from $215.00 to $200.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. DA Davidson decreased their target price on Snowflake from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Stifel Nicolaus boosted their price target on Snowflake from $187.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Jefferies Financial Group lowered their price objective on Snowflake from $220.00 to $190.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Finally, BTIG Research upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and set a $220.00 target price on the stock in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and a consensus target price of $200.28.

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.