Snowflake Inc. $SNOW is Spyglass Capital Management LLC’s 3rd Largest Position

Spyglass Capital Management LLC lessened its stake in Snowflake Inc. (NYSE:SNOW) by 10.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 500,260 shares of the company’s stock after selling 57,466 shares during the period. Snowflake comprises approximately 6.4% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding. Spyglass Capital Management LLC’s holdings in Snowflake were worth $111,943,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNOW. Fisher Asset Management LLC purchased a new position in shares of Snowflake during the 2nd quarter valued at approximately $206,000. Panagora Asset Management Inc. grew its position in Snowflake by 20.7% during the second quarter. Panagora Asset Management Inc. now owns 142,536 shares of the company’s stock valued at $31,895,000 after buying an additional 24,432 shares during the period. Wealthedge Investment Advisors LLC purchased a new position in Snowflake in the second quarter valued at $872,000. Stablepoint Partners LLC increased its holdings in Snowflake by 1.2% in the second quarter. Stablepoint Partners LLC now owns 6,200 shares of the company’s stock valued at $1,387,000 after buying an additional 76 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Snowflake by 1.8% in the second quarter. New York State Common Retirement Fund now owns 409,987 shares of the company’s stock worth $91,743,000 after acquiring an additional 7,249 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $223.88, for a total value of $2,238,800.00. Following the completion of the sale, the executive vice president directly owned 532,450 shares in the company, valued at $119,204,906. This represents a 1.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares in the company, valued at approximately $33,899,720.24. This represents a 4.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 221,305 shares of company stock worth $52,925,799. Company insiders own 6.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on SNOW. JPMorgan Chase & Co. lifted their price target on Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. Robert W. Baird raised their price objective on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Evercore ISI raised their price objective on Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Raymond James Financial upped their target price on Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Finally, JMP Securities increased their target price on Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Snowflake presently has a consensus rating of “Moderate Buy” and a consensus target price of $268.22.

Snowflake Stock Performance

NYSE SNOW opened at $250.97 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. The stock’s 50 day simple moving average is $248.96 and its 200-day simple moving average is $224.55. The company has a market cap of $85.03 billion, a PE ratio of -60.47 and a beta of 1.23. Snowflake Inc. has a 1-year low of $120.10 and a 1-year high of $280.67.

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.