Cresset Asset Management LLC Sells 5,048 Shares of Snowflake Inc. $SNOW

Cresset Asset Management LLC decreased its position in Snowflake Inc. (NYSE:SNOW) by 19.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,441 shares of the company’s stock after selling 5,048 shares during the quarter. Cresset Asset Management LLC’s holdings in Snowflake were worth $4,798,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Snowflake by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock valued at $6,218,515,000 after purchasing an additional 595,553 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Snowflake during the second quarter worth $3,900,134,000. Jennison Associates LLC boosted its position in shares of Snowflake by 20.5% in the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock valued at $1,790,309,000 after acquiring an additional 1,363,389 shares during the period. Artisan Partners Limited Partnership boosted its position in shares of Snowflake by 15.2% in the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after acquiring an additional 652,485 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company’s stock valued at $691,693,000 after acquiring an additional 763,673 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SNOW shares. Cantor Fitzgerald lifted their price objective on shares of Snowflake from $275.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. raised their target price on shares of Snowflake from $225.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Macquarie boosted their price target on Snowflake from $235.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday. Oppenheimer reissued an “outperform” rating on shares of Snowflake in a research report on Friday, November 21st. Finally, Bank of America lifted their price objective on Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a report on Monday, November 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $275.05.

Snowflake Stock Down 2.3%

Shares of SNOW opened at $229.42 on Monday. The firm has a 50 day simple moving average of $251.34 and a two-hundred day simple moving average of $226.88. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The company has a market cap of $77.73 billion, a P/E ratio of -56.79 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative return on equity of 43.84% and a negative net margin of 30.76%.The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the business posted $0.20 EPS. The company’s revenue was up 28.7% compared to the same quarter last year. Research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $257.29, for a total transaction of $103,687.87. Following the completion of the transaction, the director owned 24,927 shares of the company’s stock, valued at approximately $6,413,467.83. The trade was a 1.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $249.53, for a total transaction of $2,495,300.00. Following the completion of the transaction, the executive vice president directly owned 512,450 shares of the company’s stock, valued at $127,871,648.50. This trade represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 170,564 shares of company stock worth $41,676,989 over the last ninety days. 6.80% of the stock is currently owned by insiders.

Snowflake Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.