Evolutionary Tree Capital Management LLC Lowers Position in Snowflake Inc. (NYSE:SNOW)

Evolutionary Tree Capital Management LLC decreased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 20.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,196 shares of the company’s stock after selling 2,675 shares during the quarter. Snowflake accounts for approximately 1.4% of Evolutionary Tree Capital Management LLC’s portfolio, making the stock its 29th largest position. Evolutionary Tree Capital Management LLC’s holdings in Snowflake were worth $1,377,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SNOW. Symmetry Investments LP purchased a new position in Snowflake in the 2nd quarter worth approximately $297,000. Octahedron Capital Management L.P. bought a new stake in shares of Snowflake during the 2nd quarter worth $10,267,000. Westwood Holdings Group Inc. purchased a new position in Snowflake in the second quarter worth $537,000. Bulltick Wealth Management LLC bought a new position in Snowflake in the second quarter valued at $3,541,000. Finally, Summit Trail Advisors LLC raised its position in Snowflake by 11.9% during the second quarter. Summit Trail Advisors LLC now owns 39,311 shares of the company’s stock valued at $5,311,000 after purchasing an additional 4,196 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Price Performance

Shares of NYSE SNOW opened at $110.27 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a 50-day moving average of $120.87 and a 200 day moving average of $139.36. The stock has a market cap of $36.96 billion, a P/E ratio of -39.38 and a beta of 0.83.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the previous year, the firm posted ($0.52) EPS. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. Research analysts expect that Snowflake Inc. will post -2.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SNOW. Mizuho cut their price objective on Snowflake from $205.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Royal Bank of Canada cut their target price on Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a research note on Wednesday, June 5th. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 price objective on shares of Snowflake in a report on Monday, July 1st. Citigroup reduced their target price on shares of Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Finally, JMP Securities lowered their price target on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating for the company in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now owns 53,820 shares in the company, valued at approximately $6,156,469.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 3,029 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $346,487.31. Following the sale, the executive vice president now owns 753,464 shares in the company, valued at $86,188,746.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 517,203 shares of company stock valued at $63,833,373. Insiders own 7.80% of the company’s stock.

Snowflake Profile

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.