1832 Asset Management L.P. Acquires 535,160 Shares of Snowflake Inc. $SNOW

Key Points

• 1832 Asset Management L.P. increased its holdings in Snowflake Inc. by 51.6%, acquiring an additional 535,160 shares for a total of 1,571,800 shares valued at approximately $229.7 million.
• Despite a negative net margin of 36.43%, Snowflake reported $1.04 billion in revenue, exceeding analyst expectations and a 25.8% increase compared to the same quarter in the previous year.
• Multiple analysts have raised their price targets for Snowflake, with Jefferies Financial Group increasing its target from $220 to $250 and reiterating a "buy" rating.

1832 Asset Management L.P. increased its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 51.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,571,800 shares of the company's stock after purchasing an additional 535,160 shares during the quarter. 1832 Asset Management L.P. owned about 0.48% of Snowflake worth $229,734,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Brighton Jones LLC raised its holdings in Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock worth $9,556,000 after buying an additional 29,320 shares during the period. GeoWealth Management LLC boosted its position in shares of Snowflake by 51.8% in the fourth quarter. GeoWealth Management LLC now owns 1,125 shares of the company's stock valued at $174,000 after acquiring an additional 384 shares during the period. MML Investors Services LLC boosted its position in shares of Snowflake by 41.7% in the fourth quarter. MML Investors Services LLC now owns 43,662 shares of the company's stock valued at $6,742,000 after acquiring an additional 12,850 shares during the period. TD Waterhouse Canada Inc. boosted its position in shares of Snowflake by 4.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 13,054 shares of the company's stock valued at $2,017,000 after acquiring an additional 615 shares during the period. Finally, Hsbc Holdings PLC boosted its position in shares of Snowflake by 34.1% in the fourth quarter. Hsbc Holdings PLC now owns 411,577 shares of the company's stock valued at $63,599,000 after acquiring an additional 104,627 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Teresa Briggs sold 1,146 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the sale, the director owned 4,474 shares in the company, valued at approximately $974,168.76. This represents a 20.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the completion of the sale, the executive vice president owned 537,336 shares in the company, valued at approximately $116,064,576. This trade represents a 1.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,916,826 shares of company stock worth $637,835,052. 6.80% of the stock is currently owned by company insiders.

Snowflake Stock Up 1.1%

Shares of Snowflake stock traded up $2.1110 on Friday, reaching $196.7910. 3,096,066 shares of the company were exchanged, compared to its average volume of 4,219,872. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The company has a market capitalization of $65.70 billion, a price-to-earnings ratio of -46.74 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average of $211.11 and a 200 day moving average of $184.90.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the business posted $0.14 EPS. The business's revenue was up 25.8% compared to the same quarter last year. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Sanford C. Bernstein reissued a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Evercore ISI reissued a "buy" rating on shares of Snowflake in a research report on Wednesday, June 4th. Barclays reaffirmed an "overweight" rating and issued a $219.00 target price (up from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. Mizuho raised their target price on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Finally, JMP Securities raised their target price on Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Friday, July 18th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $230.22.

Snowflake 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.