Absolute Gestao de Investimentos Ltda. Takes $697,000 Position in Snowflake Inc. $SNOW

Key Points

• Absolute Gestao de Investimentos Ltda. has taken a new position in Snowflake Inc., acquiring 4,770 shares valued at approximately $697,000 during the first quarter.
• Significant institutional investment activity is noted with Nuveen LLC acquiring a stake valued at about $555.8 million and Price T Rowe Associates increasing its holdings by 124.4% in the fourth quarter.
• Snowflake's stock performance shows a market cap of $66.47 billion, with shares reaching a 52-week high of $229.27, and a current average price target of $226.32 from various analysts.

Absolute Gestao de Investimentos Ltda. acquired a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,770 shares of the company's stock, valued at approximately $697,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC acquired a new stake in Snowflake in the first quarter valued at approximately $555,847,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after buying an additional 2,200,406 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after buying an additional 650,775 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Snowflake by 26.5% in the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after buying an additional 647,176 shares during the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Snowflake by 157.0% in the fourth quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock worth $142,955,000 after buying an additional 565,561 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Price Performance

Shares of SNOW opened at $199.11 on Monday. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27. The firm's 50 day moving average price is $212.50 and its 200 day moving average price is $184.56. The company has a market cap of $66.47 billion, a P/E ratio of -47.29 and a beta of 1.22. 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 announced its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm earned $0.14 EPS. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 256,046 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at $37,594,915.05. The trade was a 60.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the transaction, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. This trade represents a 1.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,014,642 shares of company stock valued at $657,325,186 in the last 90 days. Corporate insiders own 6.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on SNOW shares. JMP Securities raised their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a "market outperform" rating in a report on Friday, July 18th. JPMorgan Chase & Co. raised their price target on shares of Snowflake from $210.00 to $225.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Cowen reaffirmed a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $250.00 price target (up previously from $225.00) on shares of Snowflake in a report on Friday, June 13th. Finally, Oppenheimer restated an "outperform" rating on shares of Snowflake in a research report on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $226.32.

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.

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