Altimeter Capital Management LP Lowers Holdings in Snowflake Inc. $SNOW

Altimeter Capital Management LP decreased its position in Snowflake Inc. (NYSE:SNOW) by 16.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,027,604 shares of the company’s stock after selling 400,780 shares during the quarter. Snowflake accounts for approximately 6.7% of Altimeter Capital Management LP’s holdings, making the stock its 6th biggest holding. Altimeter Capital Management LP’s holdings in Snowflake were worth $444,775,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Snowflake by 5.1% in the 4th 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 during the last quarter. Jennison Associates LLC lifted its position in Snowflake by 27.7% during the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock worth $2,545,300,000 after buying an additional 2,519,413 shares in the last quarter. Nuveen LLC lifted its position in Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company’s stock worth $1,157,749,000 after buying an additional 116,521 shares in the last quarter. Geode Capital Management LLC raised its holdings in Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company’s stock worth $1,052,195,000 after purchasing an additional 249,668 shares during the last quarter. Finally, Norges Bank bought a new stake in Snowflake during the 4th quarter worth about $974,091,000. Institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

SNOW has been the subject of several recent research reports. HSBC set a $289.00 price objective on Snowflake and gave the stock a “buy” rating in a report on Friday, May 29th. Morgan Stanley upped their price target on Snowflake from $245.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. DA Davidson upped their price target on Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Sanford C. Bernstein upped their price target on Snowflake from $195.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, May 28th. Finally, Barclays upped their price target on Snowflake from $272.00 to $285.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $291.77.

Insider Buying and Selling at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $272.00, for a total transaction of $2,720,000.00. Following the completion of the transaction, the executive vice president directly owned 418,494 shares of the company’s stock, valued at $113,830,368. This trade represents a 2.33% decrease in their position. The sale was disclosed in a legal filing 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 Frank Slootman sold 437,076 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the transaction, the director directly owned 38,046 shares of the company’s stock, valued at $9,603,951.78. This represents a 91.99% 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. Insiders sold 1,493,618 shares of company stock valued at $343,531,621 over the last quarter. Insiders own 4.80% of the company’s stock.

Snowflake News Summary

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Snowflake announced that Unlimitail chose its platform to power a privacy-preserving retail media data hub across Europe and Latin America, expanding Snowflake’s footprint in retail media and highlighting demand for its data clean room and AI data cloud products. BusinessWire article
• Positive Sentiment: Analysts at Jefferies said Snowflake still looks well-positioned despite rising competition from Databricks, arguing that both firms can benefit from continued enterprise spending on data and AI infrastructure. Proactive Investors article
• Positive Sentiment: Another analyst note said Snowflake remains attractive because of its strong cash flow and relatively lower valuation versus its growth profile, supporting the stock’s investment case. Benzinga article
• Neutral Sentiment: Snowflake also said EDO is expanding its use of Snowflake Cortex AI to power ChatEDO, a sign that customers continue to build AI products on the platform. Yahoo Finance article
• Negative Sentiment: Snowflake insiders, including director Frank Slootman, SVP Vivek Raghunathan, and EVP Christian Kleinerman, sold shares under pre-arranged Rule 10b5-1 plans to cover tax withholding on equity awards. While routine, insider selling can still weigh on sentiment. SEC filing
• Negative Sentiment: Investor focus also remains on intensifying competition from Databricks, which may pressure Snowflake’s growth narrative even as analysts say both companies can coexist. Proactive Investors article

Snowflake Stock Performance

Shares of SNOW stock opened at $234.24 on Thursday. 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 company has a market capitalization of $81.19 billion, a P/E ratio of -66.55 and a beta of 1.35. The company’s 50 day moving average price is $178.86 and its two-hundred day moving average price is $189.60. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate 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 net margin of 23.79% and a negative return on equity of 50.50%. The business’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period last year, the company posted $0.24 EPS. On average, 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.