Snowflake Inc. $SNOW Shares Sold by Manchester Global Management UK Ltd

Manchester Global Management UK Ltd cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 17.5% in the fourth quarter, Holdings Channel reports. The firm owned 168,172 shares of the company’s stock after selling 35,713 shares during the quarter. Snowflake accounts for approximately 5.0% of Manchester Global Management UK Ltd’s holdings, making the stock its 8th biggest holding. Manchester Global Management UK Ltd’s holdings in Snowflake were worth $36,890,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in SNOW. Brighton Jones LLC grew its stake in shares of Snowflake by 90.0% during the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares during the period. Intech Investment Management LLC grew its stake in shares of Snowflake by 24.0% during the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock worth $1,637,000 after purchasing an additional 2,167 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock worth $47,000 after purchasing an additional 73 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of Snowflake during the second quarter worth $221,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Snowflake by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock worth $5,055,000 after purchasing an additional 1,521 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Performance

SNOW opened at $239.11 on Wednesday. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The firm has a market capitalization of $82.87 billion, a PE ratio of -67.93 and a beta of 1.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50-day simple moving average is $177.16 and its 200 day simple moving average is $189.71.

Snowflake (NYSE:SNOW) last announced its quarterly 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. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The business’s revenue was up 33.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. As a group, sell-side analysts expect that Snowflake Inc. will post -1.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SNOW has been the topic of several recent analyst reports. Bank of America lifted their target price on Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Stifel Nicolaus lifted their target price on Snowflake from $205.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Truist Financial lifted their target price on Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Zacks Research upgraded Snowflake from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Finally, Sanford C. Bernstein lifted their target price on Snowflake from $195.00 to $250.00 and gave the stock a “market perform” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $291.77.

Insider Activity

In other news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $148.21, for a total value of $7,460,594.98. Following the transaction, the director owned 29,396 shares of the company’s stock, valued at approximately $4,356,781.16. This represents a 63.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the completion of the transaction, the director directly owned 38,046 shares in the company, valued at $9,603,951.78. The trade was a 91.99% decrease in their position. 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 quarter, insiders have sold 1,489,989 shares of company stock valued at $341,929,050. 4.80% of the stock is owned by insiders.

Snowflake 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.