MBB Public Markets I LLC Increases Holdings in Snowflake Inc. (NYSE:SNOW)

MBB Public Markets I LLC lifted its position in shares of Snowflake Inc. (NYSE:SNOW) by 985.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,418 shares of the company’s stock after acquiring an additional 19,444 shares during the quarter. MBB Public Markets I LLC’s holdings in Snowflake were worth $2,893,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SNOW. Vanguard Group Inc. lifted its stake in Snowflake by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 21,286,148 shares of the company’s stock valued at $3,439,842,000 after buying an additional 297,428 shares in the last quarter. Jennison Associates LLC lifted its stake in Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company’s stock valued at $1,132,568,000 after buying an additional 249,249 shares in the last quarter. Sands Capital Management LLC lifted its stake in Snowflake by 12.6% in the 4th quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after buying an additional 610,970 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in Snowflake by 51.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,680,700 shares of the company’s stock valued at $334,459,000 after buying an additional 573,400 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Snowflake in the 1st quarter valued at approximately $258,957,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Price Performance

NYSE:SNOW opened at $113.92 on Friday. The firm has a 50-day moving average of $118.88 and a two-hundred day moving average of $137.56. The stock has a market cap of $38.14 billion, a P/E ratio of -40.69 and a beta of 0.83. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.52) EPS. As a group, equities analysts expect that Snowflake Inc. will post -2.41 earnings per share for the current year.

Insider Transactions at Snowflake

In other news, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the transaction, the executive vice president now owns 733,773 shares of the company’s stock, valued at $104,914,863.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Teresa Briggs sold 848 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the transaction, the director now owns 4,247 shares of the company’s stock, valued at $607,236.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 15,000 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $2,144,700.00. Following the transaction, the executive vice president now directly owns 733,773 shares in the company, valued at approximately $104,914,863.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,386 shares of company stock valued at $5,715,941. Insiders own 7.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SNOW shares. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. Royal Bank of Canada reduced their price target on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 5th. Evercore ISI reduced their price target on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Needham & Company LLC reduced their price target on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $195.00 price target on shares of Snowflake in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.17.

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.