Means Investment CO. Inc. raised its stake in Snowflake Inc. (NYSE:SNOW) by 26.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,388 shares of the company’s stock after acquiring an additional 1,336 shares during the period. Means Investment CO. Inc.’s holdings in Snowflake were worth $1,465,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kessler Investment Group LLC purchased a new position in Snowflake in the fourth quarter worth about $1,691,000. Jennison Associates LLC raised its stake in shares of Snowflake by 18,581.1% in the fourth quarter. Jennison Associates LLC now owns 3,652,340 shares of the company’s stock worth $1,027,768,000 after buying an additional 3,632,789 shares during the period. BlackRock Inc. raised its stake in shares of Snowflake by 23.7% in the fourth quarter. BlackRock Inc. now owns 1,167,311 shares of the company’s stock worth $328,481,000 after buying an additional 224,004 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Snowflake by 93.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the company’s stock worth $1,137,000 after buying an additional 1,952 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Snowflake in the third quarter worth about $14,101,000. 23.16% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CFO Michael Scarpelli sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $229.32, for a total value of $3,439,800.00. Following the sale, the chief financial officer now owns 139,895 shares in the company, valued at $32,080,721.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank Slootman sold 31,546 shares of the company’s stock in a transaction dated Monday, March 22nd. The stock was sold at an average price of $222.47, for a total value of $7,018,038.62. Following the completion of the sale, the chief executive officer now owns 105,913 shares in the company, valued at approximately $23,562,465.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,175,802 shares of company stock worth $263,128,286. Company insiders own 0.24% of the company’s stock.
NYSE:SNOW traded up $3.25 during mid-day trading on Thursday, hitting $237.22. 114,376 shares of the company’s stock traded hands, compared to its average volume of 4,481,246. The company has a fifty day moving average of $243.86 and a 200 day moving average of $273.75. Snowflake Inc. has a twelve month low of $205.07 and a twelve month high of $429.00.
Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Tuesday, March 2nd. The company reported ($0.70) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.53). The business had revenue of $190.50 million during the quarter, compared to analyst estimates of $178.64 million. The company’s quarterly revenue was up 117.2% on a year-over-year basis. On average, analysts expect that Snowflake Inc. will post -1.77 EPS for the current year.
SNOW has been the topic of several recent research reports. Zacks Investment Research downgraded Snowflake from a “buy” rating to a “hold” rating in a research note on Saturday, February 6th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on Snowflake from $300.00 to $325.00 in a research note on Wednesday, January 13th. UBS Group assumed coverage on Snowflake in a research note on Monday, March 29th. They set a “buy” rating and a $275.00 target price on the stock. Citigroup reduced their price objective on Snowflake from $325.00 to $295.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 10th. Finally, Credit Suisse Group reduced their price objective on Snowflake from $310.00 to $275.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 10th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the stock. Snowflake presently has a consensus rating of “Hold” and a consensus price target of $287.59.
Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. Its platform is used by various organizations of various sizes in a range of industries.
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