Melqart Asset Management UK Ltd Purchases 92,363 Shares of Snowflake Inc. $SNOW

Melqart Asset Management UK Ltd raised its position in Snowflake Inc. (NYSE:SNOW) by 176.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 144,695 shares of the company’s stock after purchasing an additional 92,363 shares during the period. Snowflake makes up 3.1% of Melqart Asset Management UK Ltd’s portfolio, making the stock its 13th biggest holding. Melqart Asset Management UK Ltd’s holdings in Snowflake were worth $31,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Snowflake during the fourth quarter worth $974,091,000. Jennison Associates LLC grew its stake in shares of Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. Coatue Management LLC acquired a new position in shares of Snowflake in the third quarter valued at about $441,277,000. American Century Companies Inc. increased its position in Snowflake by 233.3% during the third quarter. American Century Companies Inc. now owns 2,104,925 shares of the company’s stock worth $474,766,000 after acquiring an additional 1,473,354 shares during the period. Finally, Vanguard Group Inc. raised its stake in Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of Snowflake from $295.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday, June 3rd. Mizuho lifted their price target on shares of Snowflake from $220.00 to $295.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. HSBC set a $289.00 price target on Snowflake and gave the company a “buy” rating in a research note on Friday, May 29th. KeyCorp set a $295.00 price target on Snowflake in a research report on Thursday, May 28th. Finally, Loop Capital raised their price objective on Snowflake from $290.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. One investment 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $291.77.

Snowflake Stock Performance

Shares of Snowflake stock opened at $239.11 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. The company has a market cap of $82.87 billion, a PE ratio of -67.93 and a beta of 1.35. The company has a 50 day moving average of $177.16 and a 200-day moving average of $189.71. Snowflake Inc. has a 1-year low of $118.30 and a 1-year high of $284.99.

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

Insiders Place Their Bets

In other news, Director Frank Slootman sold 162,924 shares of Snowflake stock in a transaction 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 in the company, valued at approximately $10,032,730.20. This trade represents a 81.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,729 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $239.00, for a total value of $652,231.00. Following the transaction, the executive vice president directly owned 413,002 shares of the company’s stock, valued at $98,707,478. This trade represents a 0.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,489,989 shares of company stock worth $341,929,050. 4.80% of the stock is owned by company insiders.

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.