Peregrine Capital Management LLC lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW – Free Report) by 4.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 279,371 shares of the company’s stock after selling 12,992 shares during the period. Snowflake accounts for 1.9% of Peregrine Capital Management LLC’s investment portfolio, making the stock its 7th biggest holding. Peregrine Capital Management LLC’s holdings in Snowflake were worth $61,283,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Coatue Management LLC purchased a new position in Snowflake in the third quarter valued at approximately $441,277,000. American Century Companies Inc. lifted its position in shares of Snowflake by 233.3% during the 3rd quarter. American Century Companies Inc. now owns 2,104,925 shares of the company’s stock worth $474,766,000 after buying an additional 1,473,354 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Snowflake by 445.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock valued at $326,971,000 after buying an additional 1,217,350 shares in the last quarter. Jennison Associates LLC grew its position in shares of Snowflake by 13.5% in the 3rd quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock valued at $2,048,871,000 after buying an additional 1,083,222 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Snowflake by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,647,593 shares of the company’s stock valued at $6,461,465,000 after buying an additional 857,832 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Frank Slootman sold 100,000 shares of Snowflake stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $176.91, for a total value of $17,691,000.00. Following the transaction, the director directly owned 50,329 shares in the company, valued at $8,903,703.39. This trade represents a 66.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $165.01, for a total transaction of $1,650,100.00. Following the completion of the transaction, the executive vice president directly owned 510,477 shares in the company, valued at $84,233,809.77. This represents a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 394,313 shares of company stock valued at $67,477,780. Company insiders own 6.80% of the company’s stock.
Snowflake Stock Performance
Snowflake (NYSE:SNOW – Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Snowflake had a negative return on equity of 50.61% and a negative net margin of 28.43%.The business’s revenue was up 30.1% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. As a group, sell-side analysts forecast that Snowflake Inc. will post -2.16 EPS for the current year.
Key Headlines Impacting Snowflake
Here are the key news stories impacting Snowflake this week:
- Positive Sentiment: Snowflake pushed multiple AI product updates aimed at enterprise automation, expanding Snowflake Intelligence and Cortex Code to support agentic/agent-driven workflows — a strategic push that reinforces Snowflake’s position as an AI data cloud provider and underpins long‑term revenue potential. Snowflake Makes AI Real for Businesses at Snowflake Summit 26
- Positive Sentiment: Product details: updates to the AI platform and enterprise workflow support (including help for AI agents) were published across outlets, highlighting incremental product monetization opportunities. Snowflake updates AI platform for enterprise workflows
- Positive Sentiment: Bullish market signals: options buyers have been active recently and some retail option trades returned large gains — a sign of speculative bullish interest that can amplify intraday buying. How Subscribers Quadrupled Their Money On This ‘Buy the Dip’ Play
- Positive Sentiment: Positive media commentary: pundits including Jim Cramer praised CEO Sridhar Ramaswamy’s execution, which can support sentiment among growth investors. Jim Cramer on Snowflake
- Neutral Sentiment: Longer‑term context: commentary noting SNOW remains well below its IPO highs (historical perspective) — useful context but not an immediate catalyst. If You Bought Snowflake at Its IPO, You’re Still Down 41%
- Negative Sentiment: Legal risk surge: multiple law firms have filed or solicited lead‑plaintiff roles in securities class actions alleging misstatements about consumption, product efficiency and undisclosed headwinds for the June 27, 2023–Feb 28, 2024 period — and several firms are pressing an April 27 lead‑plaintiff deadline. This cluster of notices is the primary driver of today’s negative price move as it raises potential litigation costs, distraction risk, and uncertainty. SNOW Investors Have Opportunity to Lead Snowflake Inc Securities Fraud Lawsuit SUEWALLST: SNOW Consumption Headwinds Allegedly Hid Revenue Risks
Wall Street Analyst Weigh In
SNOW has been the subject of a number of research reports. Needham & Company LLC reduced their price target on shares of Snowflake from $280.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Zacks Research upgraded Snowflake from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Canaccord Genuity Group reduced their target price on Snowflake from $270.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Mizuho decreased their target price on Snowflake from $285.00 to $220.00 and set an “outperform” rating for the company in a research report on Tuesday, February 17th. Finally, Sanford C. Bernstein dropped their price target on Snowflake from $237.00 to $195.00 and set a “market perform” rating on the stock in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.
View Our Latest Report on SNOW
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.
See Also
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