CenterBook Partners LP Makes New $2.38 Million Investment in Snowflake Inc. (NYSE:SNOW)

Key Points

• CenterBook Partners LP has acquired 16,287 shares of Snowflake Inc. for approximately $2.38 million in the first quarter, contributing to a growing interest from hedge funds in the company.
• Insiders, including Director Frank Slootman and CFO Michael Scarpelli, have significantly reduced their holdings, selling over 3 million shares valued at approximately $657 million in recent transactions.
• Snowflake's stock has been given a consensus rating of "Moderate Buy" from analysts, with a target price of around $226.73, reflecting positive sentiment despite recent insider sales.

CenterBook Partners LP acquired a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 16,287 shares of the company's stock, valued at approximately $2,381,000.

Several other hedge funds have also made changes to their positions in SNOW. Opal Wealth Advisors LLC acquired a new position in Snowflake in the first quarter valued at $26,000. CVA Family Office LLC boosted its holdings in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the last quarter. West Paces Advisors Inc. acquired a new position in Snowflake in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new position in Snowflake in the fourth quarter valued at $31,000. Finally, Capital A Wealth Management LLC acquired a new position in Snowflake in the fourth quarter valued at $31,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Performance

Shares of NYSE:SNOW traded down $14.46 during trading on Friday, hitting $191.94. 8,603,458 shares of the company traded hands, compared to its average volume of 3,533,447. The stock has a market capitalization of $64.08 billion, a price-to-earnings ratio of -45.59 and a beta of 1.22. The business's fifty day moving average is $213.98 and its 200-day moving average is $183.92. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

Snowflake (NYSE:SNOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The business's revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share. As a group, equities analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SNOW. Hsbc Global Res cut Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Rosenblatt Securities restated a "buy" rating and set a $205.00 price objective on shares of Snowflake in a research note on Monday, May 19th. Scotiabank restated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Stifel Nicolaus boosted their price objective on Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Stephens began coverage on Snowflake in a research note on Friday, July 18th. They set an "overweight" rating and a $261.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. This trade represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,014,642 shares of company stock valued at $657,325,186 over the last ninety days. Corporate insiders own 6.80% of the company's stock.

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.