CenterBook Partners LP Buys New Position 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) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 16,287 shares of the company's stock, valued at approximately $2,381,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Snowflake by 1,325.2% in the fourth quarter. Wellington Management Group LLP now owns 108,527 shares of the company's stock valued at $16,758,000 after purchasing an additional 100,912 shares in the last quarter. World Investment Advisors acquired a new position in Snowflake in the fourth quarter valued at approximately $331,000. Envestnet Asset Management Inc. boosted its holdings in Snowflake by 27.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 263,073 shares of the company's stock valued at $40,621,000 after purchasing an additional 57,337 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock valued at $33,000 after purchasing an additional 91 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SNOW has been the subject of a number of research analyst reports. Oppenheimer reaffirmed an "outperform" rating on shares of Snowflake in a report on Tuesday, June 24th. Jefferies Financial Group raised their target price on shares of Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Sanford C. Bernstein restated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. JPMorgan Chase & Co. raised their target price on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. Finally, Raymond James Financial restated an "outperform" rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $226.73.

Snowflake Trading Up 1.1%

NYSE:SNOW traded up $2.12 during mid-day trading on Monday, reaching $193.85. The company's stock had a trading volume of 2,298,922 shares, compared to its average volume of 5,075,237. The company's fifty day simple moving average is $213.98 and its two-hundred day simple moving average is $184.03. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $229.27. The stock has a market cap of $64.72 billion, a P/E ratio of -46.08 and a beta of 1.22.

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

Insiders Place Their Bets

In other news, Director Frank Slootman sold 256,046 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the transaction, the director directly owned 165,507 shares in the company, valued at $37,594,915.05. This trade represents a 60.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the transaction, the director owned 4,474 shares in the company, valued at approximately $974,168.76. This trade represents a 20.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,014,642 shares of company stock valued at $657,325,186 in the last quarter. Corporate insiders own 6.80% of the company's stock.

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.