Coatue Management LLC Sells 863,780 Shares of Snowflake Inc. (NYSE:SNOW)

Coatue Management LLC lowered its stake in shares of Snowflake Inc. (NYSE:SNOW) by 16.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,378,996 shares of the company’s stock after selling 863,780 shares during the period. Snowflake makes up 4.1% of Coatue Management LLC’s investment portfolio, making the stock its 7th biggest holding. Coatue Management LLC owned about 1.48% of Snowflake worth $1,058,841,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Covington Capital Management raised its holdings in shares of Snowflake by 9.6% during the second quarter. Covington Capital Management now owns 400 shares of the company’s stock valued at $97,000 after purchasing an additional 35 shares during the period. Great Valley Advisor Group Inc. raised its holdings in shares of Snowflake by 2.3% during the second quarter. Great Valley Advisor Group Inc. now owns 1,876 shares of the company’s stock valued at $446,000 after purchasing an additional 42 shares during the period. Douglass Winthrop Advisors LLC raised its holdings in shares of Snowflake by 3.8% during the second quarter. Douglass Winthrop Advisors LLC now owns 1,220 shares of the company’s stock valued at $295,000 after purchasing an additional 45 shares during the period. Arkadios Wealth Advisors raised its holdings in shares of Snowflake by 12.5% in the 2nd quarter. Arkadios Wealth Advisors now owns 450 shares of the company’s stock worth $108,000 after acquiring an additional 50 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of Snowflake by 3.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,492 shares of the company’s stock worth $342,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 62.41% of the company’s stock.

Shares of SNOW stock traded up $8.94 on Thursday, hitting $336.79. 80,401 shares of the company’s stock traded hands, compared to its average volume of 4,203,926. Snowflake Inc. has a one year low of $184.71 and a one year high of $429.00. The company’s fifty day simple moving average is $301.52 and its 200 day simple moving average is $261.17. The stock has a market capitalization of $101.34 billion and a price-to-earnings ratio of -110.01.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Tuesday, August 24th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.11. The business had revenue of $272.20 million for the quarter, compared to analyst estimates of $256.74 million. Snowflake had a negative net margin of 89.38% and a negative return on equity of 15.26%. The company’s revenue for the quarter was up 104.5% on a year-over-year basis. As a group, equities research analysts anticipate that Snowflake Inc. will post -2.11 EPS for the current year.

A number of equities research analysts recently weighed in on the stock. FBN Securities upped their target price on shares of Snowflake from $350.00 to $375.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. Cowen upped their target price on shares of Snowflake from $310.00 to $335.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. BTIG Research upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and set a $353.00 target price on the stock in a report on Thursday, September 30th. Mizuho upped their target price on shares of Snowflake from $320.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, August 26th. Finally, Piper Sandler upped their target price on shares of Snowflake from $290.00 to $305.00 and gave the stock an “overweight” rating in a report on Thursday, August 26th. Thirteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Snowflake presently has an average rating of “Buy” and an average price target of $308.45.

In other news, insider Benoit Dageville sold 98,182 shares of Snowflake stock in a transaction that occurred on Wednesday, September 15th. The shares were sold at an average price of $320.81, for a total value of $31,497,767.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Frank Slootman sold 31,546 shares of the business’s stock in a transaction that occurred on Tuesday, July 20th. The shares were sold at an average price of $254.37, for a total transaction of $8,024,356.02. Following the sale, the chief executive officer now owns 61,747 shares of the company’s stock, valued at $15,706,584.39. The disclosure for this sale can be found here. Insiders have sold a total of 949,610 shares of company stock worth $282,134,873 in the last ninety days. Insiders own 11.30% of the company’s stock.

About Snowflake

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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