Manchester Global Management UK Ltd Has $36.89 Million Stake in Snowflake Inc. $SNOW

Manchester Global Management UK Ltd reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 17.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 168,172 shares of the company’s stock after selling 35,713 shares during the quarter. Snowflake comprises approximately 5.0% of Manchester Global Management UK Ltd’s holdings, making the stock its 8th largest position. Manchester Global Management UK Ltd’s holdings in Snowflake were worth $36,890,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SNOW. Brighton Jones LLC grew its stake in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock worth $1,637,000 after purchasing an additional 2,167 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after buying an additional 73 shares in the last quarter. Flow Traders U.S. LLC bought a new position in Snowflake during the second quarter valued at about $221,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Snowflake by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock valued at $5,055,000 after buying an additional 1,521 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Frank Slootman sold 437,076 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the transaction, the director owned 38,046 shares in the company, valued at $9,603,951.78. This trade represents a 91.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director owned 8,801 shares of the company’s stock, valued at $2,200,250. This trade represents a 91.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,489,989 shares of company stock worth $341,929,050 in the last 90 days. 4.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNOW has been the subject of several research reports. Canaccord Genuity Group raised their target price on Snowflake from $240.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. TD Cowen reaffirmed a “buy” rating and set a $300.00 target price on shares of Snowflake in a research note on Wednesday, June 3rd. Mizuho raised their target price on Snowflake from $220.00 to $295.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Wells Fargo & Company raised their target price on Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, HSBC set a $289.00 target price on Snowflake and gave the company a “buy” rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $291.77.

Snowflake Price Performance

Shares of SNOW stock opened at $239.11 on Wednesday. The stock has a 50 day moving average of $177.16 and a two-hundred day moving average of $189.71. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 12 month low of $118.30 and a 12 month high of $284.99. The company has a market capitalization of $82.87 billion, a P/E ratio of -67.93 and a beta of 1.35.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned $0.24 EPS. As a group, equities analysts expect that Snowflake Inc. will post -1.87 EPS 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.