Proficio Capital Partners LLC, an investment management company, has significantly increased its holdings in Snowflake Inc. during the first quarter of this year. According to the latest filing with the Securities and Exchange Commission (SEC), Proficio Capital Partners now owns 413,497 shares of Snowflake, representing a staggering growth rate of 18,004.1%. This increase is a result of the purchase of an additional 411,213 shares throughout the quarter. At the end of the reporting period, these shares were valued at $413,000, making up approximately 0.13% of Snowflake’s worth.
Snowflake Inc. is a leading provider of cloud-based data platforms serving organizations worldwide. Its flagship product is Data Cloud, a transformative platform that enables customers to consolidate their data into one single source for accurate and insightful business analytics. With Data Cloud, organizations can derive meaningful business insights, build data-driven applications, and seamlessly share data and data products.
In other news related to Snowflake Inc., Frank Slootman, the CEO of the company, recently sold 1,724 shares of Snowflake stock in a transaction that took place on June 9th. The average selling price per share was $174.31, resulting in a total value of $300,510.44 for this particular transaction. Following this sale, Slootman now holds 185,683 shares in Snowflake Inc., which are estimated to be worth approximately $32,366,403.73.
This sale by Slootman was disclosed in a filing with the SEC and can be accessed through the SEC’s official website. It should also be noted that Mr. Slootman had previously sold an equal number of shares on June 9th as well.
Additionally, another insider by the name of Benoit Dageville sold 6,591 shares from the company’s stock on April 10th at an average price of $143.34 per share. This transaction amounted to a total of $944,753.94. Dageville currently holds 43,063 shares in Snowflake Inc., which carry an estimated value of $6,172,650.42.
The recent filings have indicated that insiders have been selling a significant amount of Snowflake stock in the past three months. In total, 87,586 shares were sold by company insiders, with a cumulative worth of $14,290,224. It is noteworthy that corporate insiders collectively own approximately 8.30% of Snowflake’s stock.
As with any investments involving SEC filings and insider trading disclosures, individuals are encouraged to refer to the official documents filed with the SEC for complete and accurate information regarding these transactions.
Overall, Proficio Capital Partners’ substantial increase in its holdings of Snowflake Inc., coupled with the recent insider sales by CEO Frank Slootman and insider Benoit Dageville, provides interesting insights into the dynamics within the company’s ownership structure. These developments certainly capture our attention as we continue to monitor Snowflake’s performance and future prospects in the data platform industry.
Updated on: 01/03/2024
Debt to equity ratio: Sell
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
2:00 AM (UTC)
Date:21 January, 2024
|Analyst / firm
Snowflake Inc.: Ownership Changes and Analyst Reports Reflect Growing Confidence in Cloud-Based Data Platform
Snowflake Inc., a leading provider of cloud-based data platforms, has seen some significant changes in its ownership lately. Several hedge funds have made modifications to their holdings in the company, with Vanguard Group Inc. increasing its stake by 8.3% during the third quarter and now owning over 17 million shares worth $2.9 billion. Jennison Associates LLC also boosted its stake by 13.8% in the fourth quarter, while State Street Corp increased its stake by a whopping 30.6%.
In addition to these hedge funds, Norges Bank recently acquired a new position in Snowflake valued at about $477 million, demonstrating the growing interest in the company’s potential. Geode Capital Management LLC also saw an increase in its holdings by 4.9%, further solidifying the confidence that institutional investors have in Snowflake.
Analysts have been closely monitoring Snowflake and have issued various reports on the company’s performance. Wolfe Research downgraded Snowflake from “outperform” to “peer perform,” while Wells Fargo & Company raised their price target on the stock from $185 to $195. Robert W. Baird, on the other hand, lowered their target price to $180.
However, it’s worth noting that Jefferies Financial Group raised their price target even higher to $205, and Mizuho increased theirs to $190 as well. With two sell ratings, nine hold ratings, and twenty-two buy ratings from analysts, it seems that there is overall positivity surrounding Snowflake’s future prospects.
Snowflake provides organizations with a cloud-based data platform that enables them to consolidate data into a single source of truth for meaningful business insights and application development. Their Data Cloud is designed to facilitate data sharing among customers and drive innovation within organizations.
As for the stock market performance of Snowflake, shares opened at $175.76 on Friday and had a 50-day simple moving average of $167.02 and a 200-day simple moving average of $153.14. The stock has experienced a trading range from $119.27 to $205.66 over the past year, showcasing its volatility and potential for growth.
Snowflake recently announced its quarterly earnings results, reporting an EPS of ($0.66), which missed analysts’ estimates by ($0.24). However, the company’s revenue of $623.60 million surpassed analyst expectations of $607.57 million. Snowflake recorded a negative net margin of 37.78% and a negative return on equity of 14.81%.
Looking ahead, analysts predict that Snowflake will post an EPS of -1.48 for the current year, indicating some challenges in profitability but still leaving room for optimism about the company’s future performance.
In conclusion, Snowflake Inc.’s recent changes in ownership and analyst reports highlight the growing interest and confidence in the company’s cloud-based data platform. Despite some fluctuations in stock performance and mixed earnings results, there is an overall positive outlook for Snowflake as it continues to provide innovative solutions for organizations seeking to harness the power of data-driven insights in today’s fast-paced business landscape.