TLDR
- Jericho Capital Asset Management bought a new $345.6M stake in Snowflake, making SNOW its 10th largest holding at 3.9% of its portfolio
- Snowflake stock opened at $234.24 Thursday, near its 52-week high of $284.99, with a market cap of $81.19 billion
- Unlimitail selected Snowflake to build its Global Retail Media Data Hub, covering 250 million shoppers across Europe and Latin America
- Goldman Sachs raised its price target to $278, Scotiabank lifted it to $320, and the consensus target sits at $291.77 with a “Moderate Buy” rating
- Snowflake insiders sold over $343M worth of stock in the past three months, including a $25M sale by Director Mark Garrett
Snowflake stock opened at $234.24 on Thursday, continuing a strong run that has seen it climb well off its 52-week low of $118.30.
The stock has a 52-week high of $284.99 and carries a market cap of $81.19 billion. The 50-day moving average sits at $178.86, well below where the stock is currently trading.
Jericho Capital Asset Management disclosed a brand-new position worth roughly $345.6 million in its latest 13F filing with the SEC. The fund picked up 1,575,580 shares during Q4, making Snowflake 3.9% of its total portfolio and its 10th biggest holding.
Jericho isn’t alone. Vanguard boosted its position by 5.1% to over 30 million shares, worth around $6.6 billion. Jennison Associates grew its stake by 27.7%, and Norges Bank opened a new position worth approximately $974 million. Institutional investors now own 65.10% of Snowflake’s stock.
Analysts Lift Price Targets
Wall Street has been busy updating its view on SNOW. Goldman Sachs raised its price target from $216 to $278 and kept a “buy” rating. Benchmark followed, moving its target from $200 to $270, also with a “buy.”
Scotiabank went furthest, lifting its target from $285 to $320 and rating the stock “sector outperform.” The consensus target across analysts now stands at $291.77, with 35 analysts carrying a “buy” rating, five on “hold,” and just one at “sell.”
Snowflake’s most recent quarterly earnings added fuel. The company reported EPS of $0.39, beating the $0.32 consensus by $0.07. Revenue came in at $1.39 billion, ahead of the $1.32 billion estimate, and up 33.5% year over year.
On the partnership front, Unlimitail — a retail media network spanning 120 retail sites and more than 250 million shoppers — picked Snowflake to power its upcoming Global Retail Media Data Hub. The hub will use Snowflake Data Clean Rooms to let retailers and brands collaborate on first-party data without it ever leaving the retailer’s own environment.
The platform is set to launch later this year and will cover markets across Europe and Latin America, with partners including MediaMarkt Saturn and Carrefour already in the ecosystem.
Analysts at Jefferies said Snowflake remains well-positioned despite rising competition from Databricks, arguing enterprise spending on data and AI infrastructure can support both companies.
Insider Selling Warrants Watching
Not everything points up. Insiders have sold over $343 million worth of Snowflake stock over the past three months.
Director Mark Garrett sold 100,000 shares at $250 on May 29th, cutting his position by 91.91%. EVP Christian Kleinerman sold 2,986 shares on June 16th at $240.00 to cover tax withholding related to equity vesting. The sales were made under pre-arranged Rule 10b5-1 plans.
The average analyst price target of $291.77 implies about 25% upside from Thursday’s open of $234.24.
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