Jennison Associates LLC Has $1.79 Billion Stock Holdings in Snowflake Inc. $SNOW

Jennison Associates LLC boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 20.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,000,667 shares of the company’s stock after buying an additional 1,363,389 shares during the period. Snowflake makes up about 1.1% of Jennison Associates LLC’s portfolio, making the stock its 26th largest position. Jennison Associates LLC owned approximately 2.40% of Snowflake worth $1,790,309,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Trust Co. of Toledo NA OH acquired a new position in Snowflake during the second quarter worth $25,000. Avion Wealth raised its holdings in shares of Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after purchasing an additional 49 shares during the last quarter. Rossby Financial LCC raised its holdings in shares of Snowflake by 4,233.3% in the second quarter. Rossby Financial LCC now owns 130 shares of the company’s stock valued at $29,000 after purchasing an additional 127 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in shares of Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Price Performance

SNOW opened at $267.31 on Wednesday. The firm has a market cap of $90.56 billion, a P/E ratio of -64.41 and a beta of 1.21. The firm has a 50-day moving average of $230.64 and a 200 day moving average of $208.03. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $270.94.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, research analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $10,505,037.22. Following the completion of the transaction, the director owned 36,116 shares in the company, valued at $7,537,048.04. This trade represents a 58.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 710,083 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,182,434 shares of company stock worth $270,280,661 over the last ninety days. Company insiders own 6.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SNOW. The Goldman Sachs Group increased their target price on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Scotiabank increased their target price on shares of Snowflake from $230.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Macquarie increased their target price on shares of Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. increased their target price on shares of Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Finally, Citigroup reiterated a “market outperform” rating on shares of Snowflake in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.95.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.