Snowflake Inc. $SNOW Shares Purchased by Delta Global Management LP

Delta Global Management LP boosted its position in Snowflake Inc. (NYSE:SNOW) by 13.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,684 shares of the company’s stock after acquiring an additional 17,125 shares during the quarter. Snowflake accounts for 1.8% of Delta Global Management LP’s investment portfolio, making the stock its 20th biggest position. Delta Global Management LP’s holdings in Snowflake were worth $21,520,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Snowflake in the 4th quarter valued at about $974,091,000. Jennison Associates LLC increased its position in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after purchasing an additional 2,519,413 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in Snowflake in the fourth quarter valued at approximately $345,619,000. Vanguard Group Inc. lifted its position in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after buying an additional 1,448,094 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Snowflake by 445.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock valued at $326,971,000 after buying an additional 1,217,350 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Snowflake from $260.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Canaccord Genuity Group increased their price target on Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Cantor Fitzgerald raised their price objective on Snowflake from $225.00 to $282.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Jefferies Financial Group boosted their price objective on Snowflake from $300.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, Sanford C. Bernstein upped their target price on Snowflake from $195.00 to $250.00 and gave the stock a “market perform” rating in a research report on Thursday, May 28th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus price target of $296.27.

Snowflake Price Performance

Shares of SNOW stock opened at $268.15 on Friday. The firm has a fifty day simple moving average of $239.11 and a 200-day simple moving average of $195.38. The company has a market capitalization of $92.94 billion, a PE ratio of -76.18 and a beta of 1.35. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) 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 firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s quarterly revenue was up 33.5% on a year-over-year basis. Equities research analysts anticipate that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 2,500 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $258.56, for a total value of $646,400.00. Following the completion of the transaction, the executive vice president owned 397,879 shares of the company’s stock, valued at approximately $102,875,594.24. This represents a 0.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 99,900 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $251.73, for a total value of $25,147,827.00. Following the completion of the transaction, the director directly owned 28,535 shares of the company’s stock, valued at $7,183,115.55. This represents a 77.78% 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. Over the last ninety days, insiders sold 1,802,015 shares of company stock valued at $421,739,629. 4.80% of the stock is currently owned by 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.