Brighton Jones LLC Decreases Stock Position in Snowflake Inc. (NYSE:SNOW)

Brighton Jones LLC lowered its stake in Snowflake Inc. (NYSE:SNOW) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,058 shares of the company’s stock after selling 1,369 shares during the quarter. Snowflake comprises approximately 0.5% of Brighton Jones LLC’s holdings, making the stock its 23rd largest holding. Brighton Jones LLC’s holdings in Snowflake were worth $8,961,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SNOW. Maryland State Retirement & Pension System bought a new stake in shares of Snowflake in the 2nd quarter worth about $2,156,000. Great West Life Assurance Co. Can increased its holdings in shares of Snowflake by 516.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 54,927 shares of the company’s stock worth $12,593,000 after buying an additional 46,015 shares during the last quarter. Altimeter Capital Management LP increased its holdings in shares of Snowflake by 239.5% in the 1st quarter. Altimeter Capital Management LP now owns 32,221,080 shares of the company’s stock worth $7,387,649,000 after buying an additional 22,729,505 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Snowflake by 14.9% in the 2nd quarter. Los Angeles Capital Management LLC now owns 12,674 shares of the company’s stock worth $3,065,000 after buying an additional 1,642 shares during the last quarter. Finally, Pentwater Capital Management LP bought a new stake in shares of Snowflake in the 1st quarter worth about $4,586,000. Institutional investors and hedge funds own 62.41% of the company’s stock.

Shares of SNOW traded up $1.81 during mid-day trading on Wednesday, hitting $321.06. The company’s stock had a trading volume of 51,934 shares, compared to its average volume of 4,286,961. Snowflake Inc. has a 52-week low of $184.71 and a 52-week high of $429.00. The company’s 50-day moving average is $280.92 and its 200-day moving average is $249.71. The firm has a market capitalization of $96.61 billion and a price-to-earnings ratio of -103.69.

Snowflake (NYSE:SNOW) last posted its earnings results on Tuesday, August 24th. The company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.11. Snowflake had a negative net margin of 89.38% and a negative return on equity of 15.26%. The company had revenue of $272.20 million during the quarter, compared to analysts’ expectations of $256.74 million. The business’s revenue was up 104.5% compared to the same quarter last year. Research analysts expect that Snowflake Inc. will post -2.11 EPS for the current year.

In other Snowflake news, Director John Dennis Mcmahon sold 41,090 shares of the company’s stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $309.00, for a total transaction of $12,696,810.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Scarpelli sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $314.87, for a total transaction of $18,892,200.00. Following the transaction, the chief financial officer now owns 184,895 shares in the company, valued at approximately $58,217,888.65. The disclosure for this sale can be found here. Insiders have sold 1,119,089 shares of company stock valued at $308,609,521 in the last three months. 11.30% of the stock is currently owned by corporate insiders.

A number of research firms have recently weighed in on SNOW. JMP Securities boosted their target price on shares of Snowflake from $300.00 to $320.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. Morgan Stanley upped their price target on shares of Snowflake from $270.00 to $295.00 and gave the company an “equal weight” rating in a report on Thursday, August 26th. Jefferies Financial Group cut their price target on shares of Snowflake from $280.00 to $235.00 and set a “hold” rating on the stock in a report on Tuesday, May 18th. They noted that the move was a valuation call. The Goldman Sachs Group upped their price target on shares of Snowflake from $300.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, August 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Snowflake in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $296.36.

Snowflake Company Profile

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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