ShawSpring Partners LLC cut its holdings in shares of Snowflake Inc. (NYSE:SNOW – Free Report) by 22.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 249,626 shares of the company’s stock after selling 72,456 shares during the period. Snowflake comprises about 5.1% of ShawSpring Partners LLC’s investment portfolio, making the stock its 6th biggest holding. ShawSpring Partners LLC owned approximately 0.08% of Snowflake worth $38,515,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the business. MML Investors Services LLC grew its stake in shares of Snowflake by 5.8% during the first quarter. MML Investors Services LLC now owns 34,794 shares of the company’s stock valued at $5,368,000 after acquiring an additional 1,902 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in shares of Snowflake by 13.4% during the first quarter. Ontario Teachers Pension Plan Board now owns 4,133 shares of the company’s stock worth $638,000 after purchasing an additional 489 shares during the last quarter. Manchester Global Management UK Ltd grew its stake in Snowflake by 1.7% in the first quarter. Manchester Global Management UK Ltd now owns 176,256 shares of the company’s stock worth $27,195,000 after purchasing an additional 3,000 shares in the last quarter. Independent Advisor Alliance bought a new stake in Snowflake in the first quarter valued at about $323,000. Finally, Clearbridge Investments LLC raised its stake in Snowflake by 4.0% during the first quarter. Clearbridge Investments LLC now owns 1,758,486 shares of the company’s stock valued at $271,317,000 after buying an additional 67,296 shares in the last quarter. 63.74% of the stock is currently owned by institutional investors and hedge funds.
Snowflake Price Performance
Shares of Snowflake stock traded down $1.61 during trading on Wednesday, hitting $157.77. The stock had a trading volume of 842,119 shares, compared to its average volume of 5,784,029. Snowflake Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $203.62. The firm has a market cap of $51.42 billion, a P/E ratio of -59.95 and a beta of 0.78. The business has a fifty day moving average of $165.80 and a two-hundred day moving average of $159.10.
Snowflake (NYSE:SNOW – Get Free Report) last announced its earnings results on Wednesday, August 23rd. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.10 by $0.12. Snowflake had a negative return on equity of 14.07% and a negative net margin of 35.22%. The business had revenue of $674.00 million during the quarter, compared to the consensus estimate of $662.22 million. During the same period in the prior year, the business posted ($0.67) earnings per share. Snowflake’s revenue was up 35.6% compared to the same quarter last year. As a group, research analysts forecast that Snowflake Inc. will post -1.62 earnings per share for the current year.
Insider Activity
In related news, CEO Frank Slootman sold 1,724 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $174.31, for a total value of $300,510.44. Following the completion of the sale, the chief executive officer now directly owns 185,683 shares of the company’s stock, valued at approximately $32,366,403.73. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Benoit Dageville sold 558 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $174.31, for a total value of $97,264.98. Following the completion of the sale, the insider now directly owns 41,955 shares of the company’s stock, valued at approximately $7,313,176.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Frank Slootman sold 1,724 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $174.31, for a total value of $300,510.44. Following the completion of the transaction, the chief executive officer now directly owns 185,683 shares in the company, valued at $32,366,403.73. The disclosure for this sale can be found here. Insiders sold a total of 643,125 shares of company stock valued at $113,801,785 over the last three months. Insiders own 8.30% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Snowflake from $195.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, August 24th. Mizuho lowered their price target on Snowflake from $190.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, August 16th. Citigroup boosted their price target on Snowflake from $189.00 to $191.00 and gave the company a “buy” rating in a report on Monday, August 21st. JPMorgan Chase & Co. boosted their price target on Snowflake from $155.00 to $180.00 in a report on Wednesday, June 28th. Finally, StockNews.com assumed coverage on Snowflake in a report on Thursday, August 17th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $190.25.
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.