Voleon Capital Management LP Buys Shares of 22,927 Snowflake Inc. $SNOW

Key Points

• Voleon Capital Management LP acquired 22,927 shares of Snowflake Inc. ($SNOW) in the first quarter, representing an investment of approximately $3.35 million.
• Snowflake's stock is currently trading at $225.47, with a market capitalization of $75.28 billion and a P/E ratio of -54.33.
• Analysts are optimistic about Snowflake's future, with several raising their price targets; the average price target is $255.53 and the stock has a consensus rating of "Moderate Buy."

Voleon Capital Management LP bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,927 shares of the company's stock, valued at approximately $3,351,000.

Several other large investors also recently added to or reduced their stakes in SNOW. Brighton Jones LLC boosted its holdings in Snowflake by 90.0% in the 4th 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 during the period. Triumph Capital Management increased its position in shares of Snowflake by 30.3% during the 4th quarter. Triumph Capital Management now owns 7,706 shares of the company's stock worth $1,190,000 after purchasing an additional 1,791 shares in the last quarter. Benjamin Edwards Inc. increased its position in shares of Snowflake by 18.3% during the 4th quarter. Benjamin Edwards Inc. now owns 2,228 shares of the company's stock worth $344,000 after purchasing an additional 344 shares in the last quarter. BOKF NA increased its position in Snowflake by 1,725.4% in the 4th quarter. BOKF NA now owns 1,296 shares of the company's stock valued at $211,000 after acquiring an additional 1,225 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in Snowflake by 23.5% in the 4th quarter. Cetera Investment Advisers now owns 77,075 shares of the company's stock valued at $11,901,000 after acquiring an additional 14,689 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 3,224,502 shares of company stock worth $719,801,806. 6.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SNOW shares. Loop Capital raised their target price on shares of Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. The Goldman Sachs Group lifted their price objective on shares of Snowflake from $230.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Citigroup restated an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Cowen reissued a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, DA Davidson reaffirmed a "buy" rating and set a $250.00 price objective on shares of Snowflake in a research report on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Trading Up 0.2%

Shares of Snowflake stock traded up $0.47 on Wednesday, reaching $226.03. 5,134,984 shares of the company's stock were exchanged, compared to its average volume of 5,394,083. The company has a market capitalization of $75.46 billion, a P/E ratio of -54.47 and a beta of 1.22. Snowflake Inc. has a 52 week low of $108.71 and a 52 week high of $249.99. The firm's 50-day moving average is $212.58 and its two-hundred day moving average is $187.91. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the prior year, the business earned $0.18 EPS. The company's revenue for the quarter was up 31.8% compared to the same quarter last year. Sell-side analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal 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.