Zweig DiMenna Associates LLC Invests $5.97 Million in Snowflake Inc. $SNOW

Zweig DiMenna Associates LLC acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the 1st quarter, Holdings Channel.com reports. The firm acquired 39,600 shares of the company’s stock, valued at approximately $5,972,000.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position in Snowflake by 5.1% during 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. Jennison Associates LLC raised its stake in Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares during the last quarter. Nuveen LLC lifted its holdings in Snowflake by 2.3% in the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock valued at $1,157,749,000 after purchasing an additional 116,521 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Snowflake by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock valued at $1,052,195,000 after purchasing an additional 249,668 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Snowflake during the 4th quarter worth about $974,091,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 437,076 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were 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 $9,603,951.78. This trade represents a 91.99% decrease in their ownership of the stock. The transaction 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, Director Mark Garrett sold 100,000 shares of Snowflake stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares in the company, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,802,015 shares of company stock valued at $421,739,629. Insiders own 4.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SNOW shares. UBS Group reiterated a “buy” rating on shares of Snowflake in a report on Monday, June 22nd. Cantor Fitzgerald upped their price objective on shares of Snowflake from $225.00 to $282.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Monness Crespi & Hardt raised their target price on shares of Snowflake from $282.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Bank of America lifted their target price on shares of Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Morgan Stanley boosted their price target on Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $293.53.

Snowflake Trading Up 2.8%

NYSE SNOW opened at $276.21 on Wednesday. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The company has a 50-day moving average of $220.12 and a 200-day moving average of $192.44. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $95.73 billion, a P/E ratio of -78.47 and a beta of 1.35.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted $0.24 EPS. The company’s revenue was up 33.5% on a year-over-year basis. As a group, equities analysts predict that Snowflake Inc. will post -1.84 earnings per share for the current year.

Snowflake Company 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.