Spyglass Capital Management LLC Sells 22,257 Shares of Snowflake Inc. $SNOW

Spyglass Capital Management LLC lessened its position in Snowflake Inc. (NYSE:SNOW) by 6.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 330,011 shares of the company’s stock after selling 22,257 shares during the period. Snowflake makes up 4.5% of Spyglass Capital Management LLC’s holdings, making the stock its 8th largest position. Spyglass Capital Management LLC owned about 0.10% of Snowflake worth $83,988,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new position in Snowflake during the fourth quarter worth about $28,000. Greenline Wealth Management LLC acquired a new stake in Snowflake in the 4th quarter valued at about $29,000. Basecamp Wealth Advisors LLC lifted its holdings in Snowflake by 140.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock valued at $30,000 after acquiring an additional 118 shares during the last quarter. Emerald Advisers LLC boosted its position in shares of Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after purchasing an additional 100 shares in the last quarter. Finally, MV Capital Management Inc. bought a new position in shares of Snowflake during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 48,990 shares of Snowflake stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $320.78, for a total transaction of $15,715,012.20. Following the transaction, the director directly owned 28,535 shares in the company, valued at approximately $9,153,457.30. The trade was a 63.19% decrease in their position. 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, EVP Christian Kleinerman sold 25,000 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $325.00, for a total transaction of $8,125,000.00. Following the sale, the executive vice president directly owned 340,379 shares in the company, valued at approximately $110,623,175. This trade represents a 6.84% decrease in their ownership of the stock. 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 sold 1,156,901 shares of company stock worth $321,725,352. 4.80% of the stock is owned by corporate insiders.

Snowflake Stock Performance

Shares of SNOW opened at $331.68 on Tuesday. The company has a 50-day moving average of $289.86 and a two-hundred day moving average of $216.33. The stock has a market cap of $114.96 billion, a price-to-earnings ratio of -94.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. Snowflake Inc. has a one year low of $118.30 and a one year high of $341.95.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNOW. Oppenheimer boosted their target price on shares of Snowflake from $295.00 to $400.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Needham & Company LLC raised their target price on shares of Snowflake from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Weiss Ratings lowered shares of Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Cantor Fitzgerald lifted their price target on shares of Snowflake from $282.00 to $405.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Citizens Jmp increased their price objective on Snowflake from $325.00 to $408.00 and gave the company a “market outperform” rating in a research report on Tuesday, August 18th. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $331.46.

Trending Headlines about Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Higher analyst price target: Cantor Fitzgerald raised its Snowflake price target from $282 to $405 and maintained an “overweight” rating, citing expanding market multiples and potential for further upside. Snowflake Price Target Raised at Cantor Fitzgerald
• Positive Sentiment: AI monetization is the central catalyst: Investors are looking for stronger product revenue, net revenue retention and guidance as Snowflake’s Cortex, CoCo and CoWork offerings could accelerate data migrations, workloads and platform consumption. Snowflake Earnings Preview
• Positive Sentiment: Customer and ecosystem expansion: CrowdStrike announced that its Falcon platform will be available through Google Cloud and the Snowflake Marketplace, strengthening Snowflake’s enterprise data and security ecosystem. CrowdStrike Brings Falcon Platform to Snowflake
• Positive Sentiment: Analysts and market commentators identify Snowflake as a leading AI-driven software name, with customer growth and previously announced pricing and agent-platform initiatives supporting the recent rally. Snowflake Stock Ran on a Plan

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.