ICONIQ Capital LLC Has $1.01 Billion Stock Holdings in Snowflake Inc. (NYSE:SNOW)

ICONIQ Capital LLC reduced its stake in Snowflake Inc. (NYSE:SNOW) by 42.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,575,787 shares of the company’s stock after selling 4,846,492 shares during the period. Snowflake accounts for 15.4% of ICONIQ Capital LLC’s portfolio, making the stock its 2nd largest position. ICONIQ Capital LLC’s holdings in Snowflake were worth $1,014,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Snowflake during the fourth quarter valued at approximately $477,435,000. GQG Partners LLC bought a new stake in shares of Snowflake during the first quarter valued at approximately $311,427,000. Fred Alger Management LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $119,432,000. Renaissance Technologies LLC bought a new stake in shares of Snowflake during the first quarter valued at approximately $176,499,000. Finally, Jennison Associates LLC increased its position in shares of Snowflake by 13.8% during the fourth quarter. Jennison Associates LLC now owns 6,204,851 shares of the company’s stock valued at $890,644,000 after acquiring an additional 754,039 shares in the last quarter. 63.74% of the stock is owned by institutional investors.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 13,182 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $170.15, for a total value of $2,242,917.30. Following the sale, the insider now directly owns 41,955 shares in the company, valued at approximately $7,138,643.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Frank Slootman sold 8,334 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $154.50, for a total value of $1,287,603.00. Following the sale, the chief executive officer now directly owns 185,683 shares in the company, valued at approximately $28,688,023.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benoit Dageville sold 13,182 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $170.15, for a total transaction of $2,242,917.30. Following the completion of the sale, the insider now owns 41,955 shares in the company, valued at $7,138,643.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 640,119 shares of company stock worth $113,277,810. Insiders own 8.30% of the company’s stock.

Snowflake Stock Up 3.8 %

NYSE SNOW traded up $6.11 on Friday, reaching $165.95. The company had a trading volume of 7,728,682 shares, compared to its average volume of 4,743,855. The stock has a market capitalization of $54.08 billion, a PE ratio of -62.39 and a beta of 0.78. The firm’s 50 day moving average price is $164.76 and its 200 day moving average price is $159.23. Snowflake Inc. has a 12 month low of $119.27 and a 12 month high of $203.62.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.12. The company had revenue of $674.00 million for the quarter, compared to the consensus estimate of $662.22 million. Snowflake had a negative net margin of 35.22% and a negative return on equity of 14.07%. Snowflake’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.67) EPS. On average, research analysts expect that Snowflake Inc. will post -1.62 EPS for the current year.

Analyst Upgrades and Downgrades

SNOW has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Snowflake from $170.00 to $185.00 in a research report on Monday, June 26th. Morgan Stanley restated an “overweight” rating and issued a $215.00 target price on shares of Snowflake in a report on Friday, June 30th. 888 restated a “maintains” rating on shares of Snowflake in a report on Wednesday, June 28th. JPMorgan Chase & Co. raised their target price on shares of Snowflake from $155.00 to $180.00 in a report on Wednesday, June 28th. Finally, DA Davidson initiated coverage on shares of Snowflake in a report on Thursday. They issued a “buy” rating and a $200.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $190.55.

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.