266,400 Shares in Snowflake Inc. (NYSE:SNOW) Purchased by 1832 Asset Management L.P.

1832 Asset Management L.P. acquired a new stake in Snowflake Inc. (NYSE:SNOW) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 266,400 shares of the company’s stock, valued at approximately $35,988,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Commerce Bank increased its holdings in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after acquiring an additional 51 shares during the last quarter. Park Avenue Securities LLC increased its stake in Snowflake by 0.5% during the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after purchasing an additional 70 shares during the last quarter. Covestor Ltd raised its holdings in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 70 shares during the period. IAM Advisory LLC lifted its position in shares of Snowflake by 2.0% in the 1st quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after buying an additional 74 shares during the last quarter. Finally, Joseph P. Lucia & Associates LLC boosted its holdings in shares of Snowflake by 2.6% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock valued at $478,000 after buying an additional 75 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now owns 218,246 shares in the company, valued at $23,998,330.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snowflake news, Director Frank Slootman sold 1,606 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Grzegorz Czajkowski sold 469,120 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $123.09, for a total transaction of $57,743,980.80. Following the sale, the executive vice president now directly owns 494,942 shares in the company, valued at $60,922,410.78. The disclosure for this sale can be found here. Insiders sold a total of 517,203 shares of company stock worth $63,833,373 over the last ninety days. 7.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SNOW has been the topic of several research reports. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price objective on shares of Snowflake in a research note on Monday, July 1st. Royal Bank of Canada dropped their price target on Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 5th. Morgan Stanley restated an “equal weight” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, August 22nd. Needham & Company LLC dropped their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, HSBC upgraded Snowflake from a “reduce” rating to a “hold” rating and raised their target price for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Stock Performance

NYSE SNOW opened at $110.27 on Monday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The business’s fifty day moving average is $120.87 and its two-hundred day moving average is $139.36. The stock has a market capitalization of $36.96 billion, a P/E ratio of -39.38 and a beta of 0.83.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.52) earnings per share. On average, research analysts forecast that Snowflake Inc. will post -2.42 earnings per share for the current year.

Snowflake Company 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.