Fred Alger Management LLC Cuts Stock Holdings in Snowflake Inc. $SNOW

Fred Alger Management LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW) by 67.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,532 shares of the company’s stock after selling 219,934 shares during the period. Fred Alger Management LLC’s holdings in Snowflake were worth $23,150,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock worth $6,601,790,000 after purchasing an additional 1,448,094 shares in the last quarter. Jennison Associates LLC increased its holdings in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after buying an additional 2,519,413 shares in the last quarter. Nuveen LLC increased its holdings in Snowflake by 2.3% in the fourth quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock valued at $1,157,749,000 after buying an additional 116,521 shares in the last quarter. Geode Capital Management LLC increased its holdings in Snowflake by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock valued at $1,052,195,000 after buying an additional 249,668 shares in the last quarter. Finally, Norges Bank purchased a new position in Snowflake in the fourth quarter valued at about $974,091,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other news, Director Frank Slootman sold 162,924 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $263.70, for a total value of $42,963,058.80. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the completion of the sale, the director owned 8,801 shares in the company, valued at $2,200,250. This represents a 91.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,489,989 shares of company stock valued at $341,929,050 over the last three months. Company insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Loop Capital increased their target price on shares of Snowflake from $290.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Morgan Stanley increased their target price on shares of Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Raymond James Financial reaffirmed an “outperform” rating and issued a $275.00 target price on shares of Snowflake in a report on Thursday, May 28th. Needham & Company LLC increased their target price on shares of Snowflake from $300.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, 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. One equities 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $291.77.

Snowflake Stock Down 0.7%

SNOW stock opened at $239.11 on Wednesday. The company’s 50 day simple moving average is $177.16 and its 200-day simple moving average is $189.71. The firm has a market capitalization of $82.87 billion, a PE ratio of -67.93 and a beta of 1.35. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 EPS 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 analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 earnings per share. Equities analysts expect that Snowflake Inc. will post -1.87 earnings per share for the current fiscal 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.