Jennison Associates LLC Has $456.49 Million Holdings in Snowflake Inc. (NYSE:SNOW)

Jennison Associates LLC cut its holdings in Snowflake Inc. (NYSE:SNOW) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,974,335 shares of the company’s stock after selling 153,860 shares during the quarter. Jennison Associates LLC owned approximately 1.19% of Snowflake worth $456,492,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Comerica Bank boosted its stake in shares of Snowflake by 17.2% during the first quarter. Comerica Bank now owns 29,267 shares of the company’s stock valued at $4,729,000 after purchasing an additional 4,296 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Snowflake by 23.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 227,100 shares of the company’s stock valued at $37,484,000 after purchasing an additional 43,062 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Snowflake by 201.5% during the first quarter. Cetera Investment Advisers now owns 63,688 shares of the company’s stock valued at $10,292,000 after purchasing an additional 42,563 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Snowflake during the first quarter valued at about $29,000. Finally, Fulton Bank N.A. raised its position in shares of Snowflake by 17.4% during the second quarter. Fulton Bank N.A. now owns 1,538 shares of the company’s stock worth $208,000 after acquiring an additional 228 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Up 2.2 %

SNOW stock opened at $130.26 on Wednesday. The stock’s fifty day simple moving average is $117.48 and its two-hundred day simple moving average is $127.89. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The stock has a market cap of $43.66 billion, a P/E ratio of -42.57 and a beta of 0.83.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. The business’s revenue was up 28.9% on a year-over-year basis. As a group, analysts forecast that Snowflake Inc. will post -2.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 1,946 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the sale, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. The trade was a 3.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares in the company, valued at approximately $23,998,330.16. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,538 shares of company stock valued at $7,061,544. Insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Scotiabank lowered their price objective on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 22nd. Wells Fargo & Company lowered their price objective on Snowflake from $130.00 to $125.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Wedbush upgraded Snowflake to a “hold” rating in a research report on Thursday, October 17th. Loop Capital lowered their price objective on Snowflake from $225.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Finally, Jefferies Financial Group lowered their price objective on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $171.59.

About Snowflake

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.