Spyglass Capital Management LLC Boosts Position in Snowflake Inc. $SNOW

Spyglass Capital Management LLC lifted its stake in shares of Snowflake Inc. (NYSE:SNOW) by 7.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 352,268 shares of the company’s stock after acquiring an additional 23,450 shares during the period. Snowflake accounts for approximately 3.8% of Spyglass Capital Management LLC’s portfolio, making the stock its 14th biggest position. Spyglass Capital Management LLC’s holdings in Snowflake were worth $53,129,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new stake in Snowflake during the fourth quarter worth about $28,000. Greenline Wealth Management LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $29,000. Physician Wealth Advisors Inc. grew its stake in shares of Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after buying an additional 51 shares during the period. MV Capital Management Inc. acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $32,000. Finally, HHM Wealth Advisors LLC increased its holdings in shares of Snowflake by 50.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Oppenheimer upped their price objective on Snowflake from $250.00 to $295.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. Citizens Jmp restated a “market outperform” rating and issued a $325.00 target price on shares of Snowflake in a research report on Tuesday, May 19th. Wells Fargo & Company upped their price target on Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. DA Davidson increased their price target on Snowflake from $250.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Finally, HSBC set a $289.00 price target on Snowflake and gave the stock a “buy” rating in a report on Friday, May 29th. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $296.27.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction on Friday, May 1st. The shares were sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the sale, the director directly owned 28,556 shares of the company’s stock, valued at approximately $4,043,529.60. The trade was a 63.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director owned 38,046 shares of the company’s stock, valued at approximately $9,603,951.78. The trade was a 91.99% 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. Insiders sold 2,102,015 shares of company stock worth $504,063,952 over the last 90 days. 4.80% of the stock is owned by insiders.

Snowflake Price Performance

Snowflake stock opened at $269.83 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The firm has a market cap of $93.52 billion, a PE ratio of -76.66 and a beta of 1.35. The company’s 50 day moving average is $243.29 and its two-hundred day moving average is $195.70.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results 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 return on equity of 50.50% and a negative net margin of 23.79%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the company earned $0.24 EPS. Snowflake’s revenue for the quarter was up 33.5% compared to the same quarter last year. On average, research analysts expect that Snowflake Inc. will post -1.84 EPS for the current fiscal year.

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.