Artisan Partners Limited Partnership Sells 1,993,159 Shares of Snowflake Inc. $SNOW

Artisan Partners Limited Partnership cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 51.8% in the 4th quarter, HoldingsChannel reports. The firm owned 1,854,894 shares of the company’s stock after selling 1,993,159 shares during the period. Artisan Partners Limited Partnership’s holdings in Snowflake were worth $406,890,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Assetmark Inc. raised its stake in shares of Snowflake by 99.1% during the fourth quarter. Assetmark Inc. now owns 198,655 shares of the company’s stock worth $43,577,000 after acquiring an additional 98,870 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of Snowflake during the third quarter worth approximately $116,882,000. Swedbank AB raised its stake in shares of Snowflake by 6.0% during the fourth quarter. Swedbank AB now owns 1,330,415 shares of the company’s stock worth $291,840,000 after acquiring an additional 75,419 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Snowflake by 3.1% during the third quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock worth $6,461,465,000 after acquiring an additional 857,832 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 2,729 shares of Snowflake stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $239.00, for a total value of $652,231.00. Following the sale, the executive vice president owned 413,002 shares in the company, valued at $98,707,478. The trade was a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frank Slootman sold 162,924 shares of Snowflake stock in a transaction 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 owned 38,046 shares in the company, valued at approximately $10,032,730.20. This trade represents a 81.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,489,989 shares of company stock worth $341,929,050. 4.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on SNOW shares. Loop Capital lifted their price target on shares of Snowflake from $290.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Citizens Jmp reaffirmed a “market outperform” rating and issued a $325.00 target price on shares of Snowflake in a research note on Tuesday, May 19th. KeyCorp set a $295.00 target price on shares of Snowflake in a research note on Thursday, May 28th. Weiss Ratings downgraded shares of Snowflake from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Finally, BTIG Research lifted their target price on shares of Snowflake from $280.00 to $325.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $291.77.

Snowflake Stock Performance

NYSE:SNOW opened at $239.11 on Wednesday. The stock has a market cap of $82.87 billion, a P/E ratio of -67.93 and a beta of 1.35. The firm’s fifty day simple moving average is $177.16 and its 200 day simple moving average is $189.71. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.07. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The firm’s revenue for the quarter was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. As a group, research analysts predict that Snowflake Inc. will post -1.87 EPS for the current year.

About Snowflake

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.