Snowflake Inc. $SNOW Stock Holdings Reduced by Scge Management L.P.

Scge Management L.P. reduced its position in Snowflake Inc. (NYSE:SNOW) by 10.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 797,000 shares of the company’s stock after selling 96,000 shares during the period. Snowflake comprises about 4.0% of Scge Management L.P.’s holdings, making the stock its 11th largest position. Scge Management L.P. owned approximately 0.23% of Snowflake worth $174,830,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNOW. Sargent Investment Group LLC bought a new stake in Snowflake in the fourth quarter worth approximately $1,067,000. Mariner LLC raised its holdings in shares of Snowflake by 7.9% during the 4th quarter. Mariner LLC now owns 222,998 shares of the company’s stock valued at $48,934,000 after purchasing an additional 16,398 shares in the last quarter. Nicolet Advisory Services LLC raised its holdings in shares of Snowflake by 29.3% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,381 shares of the company’s stock valued at $304,000 after purchasing an additional 313 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of Snowflake by 102.6% in the 4th quarter. Focus Partners Wealth now owns 153,708 shares of the company’s stock valued at $33,725,000 after purchasing an additional 77,835 shares during the last quarter. Finally, Glen Eagle Advisors LLC lifted its stake in shares of Snowflake by 49.3% in the 4th quarter. Glen Eagle Advisors LLC now owns 209 shares of the company’s stock valued at $46,000 after purchasing an additional 69 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Down 0.2%

SNOW stock opened at $232.38 on Monday. The stock has a market capitalization of $80.54 billion, a price-to-earnings ratio of -66.02 and a beta of 1.35. The company has a 50-day moving average of $173.64 and a two-hundred day moving average of $189.84. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company posted $0.24 earnings per share. The firm’s revenue for the quarter was up 33.5% on a year-over-year basis. As a group, equities research analysts anticipate that Snowflake Inc. will post -1.87 EPS for the current year.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director directly owned 8,801 shares of the company’s stock, valued at $2,200,250. The trade was a 91.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 162,924 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $263.70, for a total value of $42,963,058.80. Following the transaction, the director owned 38,046 shares of the company’s stock, valued at approximately $10,032,730.20. This trade represents a 81.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,589,550 shares of company stock worth $359,438,410. Corporate insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

SNOW has been the topic of several analyst reports. Citizens Jmp reissued a “market outperform” rating and set a $325.00 target price on shares of Snowflake in a research report on Tuesday, May 19th. Guggenheim reaffirmed a “neutral” rating on shares of Snowflake in a research report on Wednesday, February 18th. Wedbush upped their price target on Snowflake from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Loop Capital increased their price objective on Snowflake from $290.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Citigroup raised their price objective on Snowflake from $260.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $291.77.

About Snowflake

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.