Snowflake Inc. $SNOW Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lowered its position in shares of Snowflake Inc. (NYSE:SNOW) by 67.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 105,532 shares of the company’s stock after selling 219,934 shares during the quarter. Fred Alger Management LLC’s holdings in Snowflake were worth $23,150,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of SNOW. Brighton Jones LLC boosted its position in Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after acquiring an additional 29,320 shares during the last quarter. Intech Investment Management LLC boosted its position in Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock worth $1,637,000 after acquiring an additional 2,167 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock worth $47,000 after acquiring an additional 73 shares during the last quarter. Flow Traders U.S. LLC acquired a new stake in Snowflake during the second quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company boosted its position in Snowflake by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock worth $5,055,000 after acquiring an additional 1,521 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity

In other news, Director Frank Slootman sold 437,076 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $252.43, for a total value 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. This trade represents a 91.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $148.21, for a total transaction of $7,460,594.98. Following the completion of the transaction, the director directly owned 29,396 shares in the company, valued at approximately $4,356,781.16. This represents a 63.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,489,989 shares of company stock valued at $341,929,050. Company insiders own 4.80% of the company’s stock.

Snowflake Stock Down 0.7%

Shares of SNOW opened at $239.11 on Wednesday. The firm has a market cap of $82.87 billion, a PE ratio of -67.93 and a beta of 1.35. The company’s fifty day moving average is $177.16 and its two-hundred day moving average is $189.71. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99. 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 (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share 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 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 business earned $0.24 EPS. Snowflake’s revenue for the quarter was up 33.5% on a year-over-year basis. Analysts forecast that Snowflake Inc. will post -1.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of analyst reports. Wells Fargo & Company raised their target price on shares of Snowflake from $210.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Loop Capital lifted their price target on shares of Snowflake from $290.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Raymond James Financial reiterated an “outperform” rating and issued a $275.00 price target on shares of Snowflake in a report on Thursday, May 28th. Mizuho lifted their price target on shares of Snowflake from $220.00 to $295.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. Finally, Canaccord Genuity Group lifted their price target on shares of Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.77.

Snowflake Profile

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.