Snowflake Inc. (NYSE:SNOW) is Spyglass Capital Management LLC’s 5th Largest Position

Spyglass Capital Management LLC grew its stake in Snowflake Inc. (NYSE:SNOW) by 5.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 577,034 shares of the company’s stock after purchasing an additional 29,186 shares during the period. Snowflake comprises approximately 5.0% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 5th largest holding. Spyglass Capital Management LLC’s holdings in Snowflake were worth $89,100,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Snowflake during the fourth quarter valued at approximately $988,950,000. GQG Partners LLC purchased a new stake in shares of Snowflake in the 4th quarter valued at approximately $750,572,000. Jennison Associates LLC lifted its holdings in Snowflake by 92.2% in the fourth quarter. Jennison Associates LLC now owns 7,637,006 shares of the company’s stock valued at $1,179,230,000 after acquiring an additional 3,662,671 shares during the last quarter. FMR LLC grew its position in Snowflake by 84.9% in the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock worth $943,155,000 after acquiring an additional 2,805,425 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Snowflake by 124.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company’s stock valued at $612,817,000 after buying an additional 2,200,406 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Buying and Selling

In other news, Director Frank Slootman sold 1,783 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $147.24, for a total transaction of $262,528.92. Following the completion of the transaction, the director now owns 192,511 shares in the company, valued at approximately $28,345,319.64. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Scarpelli sold 300,000 shares of Snowflake stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $163.21, for a total transaction of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 356,963 shares of company stock worth $58,204,058 over the last quarter. 7.80% of the stock is owned by company insiders.

Snowflake Trading Up 0.0%

Snowflake stock opened at $183.01 on Monday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $194.40. The firm’s 50-day moving average is $155.65 and its 200-day moving average is $161.65. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market cap of $60.41 billion, a P/E ratio of -53.98 and a beta of 1.11.

Analysts Set New Price Targets

Several analysts recently weighed in on SNOW shares. DA Davidson dropped their target price on shares of Snowflake from $225.00 to $200.00 and set a “buy” rating for the company in a report on Monday, April 14th. Mizuho lifted their target price on Snowflake from $190.00 to $205.00 and gave the company an “outperform” rating in a report on Thursday. StockNews.com upgraded shares of Snowflake from a “sell” rating to a “hold” rating in a report on Friday, February 28th. KeyCorp dropped their target price on Snowflake from $220.00 to $192.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Canaccord Genuity Group upped their price objective on Snowflake from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $200.28.

Snowflake Company Profile

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.