Castleark Management LLC Has $33.17 Million Stock Position in Snowflake Inc. $SNOW

Castleark Management LLC boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 151,192 shares of the company’s stock after buying an additional 3,082 shares during the period. Snowflake makes up about 1.0% of Castleark Management LLC’s portfolio, making the stock its 23rd largest position. Castleark Management LLC’s holdings in Snowflake were worth $33,165,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Total Clarity Wealth Management Inc. raised its holdings in shares of Snowflake by 2.7% in the third quarter. Total Clarity Wealth Management Inc. now owns 1,508 shares of the company’s stock valued at $340,000 after purchasing an additional 40 shares during the last quarter. Diligent Investors LLC raised its holdings in shares of Snowflake by 0.9% in the third quarter. Diligent Investors LLC now owns 4,594 shares of the company’s stock valued at $1,036,000 after purchasing an additional 40 shares during the last quarter. Wolff Wiese Magana LLC raised its holdings in shares of Snowflake by 10.0% in the fourth quarter. Wolff Wiese Magana LLC now owns 549 shares of the company’s stock valued at $120,000 after purchasing an additional 50 shares during the last quarter. HHM Wealth Advisors LLC raised its holdings in shares of Snowflake by 50.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock valued at $33,000 after purchasing an additional 50 shares during the last quarter. Finally, United Asset Strategies Inc. raised its holdings in shares of Snowflake by 1.4% in the fourth quarter. United Asset Strategies Inc. now owns 3,544 shares of the company’s stock valued at $777,000 after purchasing an additional 50 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SNOW shares. Barclays increased their target price on shares of Snowflake from $272.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Citizens Jmp reiterated a “market outperform” rating and issued a $325.00 target price on shares of Snowflake in a report on Tuesday, May 19th. Citigroup increased their target price on shares of Snowflake from $260.00 to $320.00 and gave the company a “buy” rating in a report on Friday, May 29th. Guggenheim reiterated a “neutral” rating on shares of Snowflake in a report on Wednesday, February 18th. Finally, KeyCorp set a $295.00 target price on shares of Snowflake in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $291.77.

Snowflake Price Performance

Shares of NYSE:SNOW opened at $232.38 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $80.54 billion, a PE ratio of -66.02 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 50-day moving average price of $173.64 and a two-hundred day moving average price of $190.21.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business earned $0.24 earnings per share. The company’s quarterly revenue was up 33.5% on a year-over-year basis. Equities analysts forecast that Snowflake Inc. will post -1.87 EPS for the current year.

Insider Activity at Snowflake

In related news, Director Mark Garrett sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director directly owned 8,801 shares of the company’s stock, valued at $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 162,924 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $263.70, for a total transaction of $42,963,058.80. Following the completion of the sale, the director directly owned 38,046 shares in the company, valued at $10,032,730.20. This represents a 81.07% 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. Over the last three months, insiders sold 1,589,550 shares of company stock valued at $359,438,410. Company insiders own 4.80% of the company’s stock.

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.