Castleark Management LLC Sells 15,148 Shares of Snowflake Inc. $SNOW

Castleark Management LLC lowered its position in Snowflake Inc. (NYSE:SNOW) by 10.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 136,044 shares of the company’s stock after selling 15,148 shares during the quarter. Castleark Management LLC’s holdings in Snowflake were worth $20,518,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. HHM Wealth Advisors LLC grew its position in Snowflake by 50.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after buying an additional 50 shares in the last quarter. United Asset Strategies Inc. increased its stake in Snowflake by 1.4% in the 4th quarter. United Asset Strategies Inc. now owns 3,544 shares of the company’s stock worth $777,000 after acquiring an additional 50 shares during the last quarter. Physician Wealth Advisors Inc. raised its holdings in shares of Snowflake by 56.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after acquiring an additional 51 shares in the last quarter. ORG Partners LLC raised its holdings in shares of Snowflake by 3.3% in the 4th quarter. ORG Partners LLC now owns 1,796 shares of the company’s stock valued at $394,000 after acquiring an additional 58 shares in the last quarter. Finally, Beaumont Financial Advisors LLC boosted its position in shares of Snowflake by 4.7% during the 4th quarter. Beaumont Financial Advisors LLC now owns 1,312 shares of the company’s stock valued at $288,000 after acquiring an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the sale, the director directly owned 28,556 shares in the company, valued at $4,043,529.60. The trade was a 63.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frank Slootman sold 437,076 shares of Snowflake stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $252.43, for a total value of $110,331,094.68. Following the sale, the director owned 38,046 shares in the company, valued at $9,603,951.78. This represents a 91.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,802,015 shares of company stock valued at $421,739,629. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several recent analyst reports. Scotiabank boosted their price objective on Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a report on Monday, June 8th. Rosenblatt Securities raised their target price on shares of Snowflake from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Canaccord Genuity Group boosted their price target on shares of Snowflake from $240.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Needham & Company LLC raised their price objective on shares of Snowflake from $300.00 to $330.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Finally, Piper Sandler lifted their target price on shares of Snowflake from $295.00 to $320.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 3rd. Thirty-four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $296.27.

Snowflake Stock Performance

Shares of SNOW stock opened at $268.15 on Monday. The stock has a fifty day moving average of $239.11 and a 200 day moving average of $195.17. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $284.99. The firm has a market capitalization of $92.94 billion, a price-to-earnings ratio of -76.18 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. Snowflake’s quarterly revenue was up 33.5% compared to the same quarter last year. During the same period last year, the business posted $0.24 earnings per share. As a group, research analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current year.

About Snowflake

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.