Bayforest Capital Ltd Acquires New Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• Bayforest Capital Ltd has acquired a new stake in Snowflake Inc., purchasing 2,649 shares valued at approximately $387,000 during the first quarter.
• Snowflake has seen significant increases in institutional ownership, with around 65.10% of its stock currently owned by institutional investors and hedge funds.
• Research analysts have a positive outlook on Snowflake, with a consensus rating of “Moderate Buy” and a target price of $226.73 following several price upgrades from various analysts.

Bayforest Capital Ltd bought a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,649 shares of the company's stock, valued at approximately $387,000.

Other institutional investors also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after buying an additional 2,805,425 shares during the period. Geode Capital Management LLC lifted its position in Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company's stock valued at $642,742,000 after purchasing an additional 15,314 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Snowflake by 124.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock valued at $612,817,000 after purchasing an additional 2,200,406 shares during the period. Baillie Gifford & Co. lifted its position in Snowflake by 8.2% during the first quarter. Baillie Gifford & Co. now owns 2,928,696 shares of the company's stock valued at $428,058,000 after purchasing an additional 222,920 shares during the period. Finally, Invesco Ltd. lifted its position in Snowflake by 406.5% during the fourth quarter. Invesco Ltd. now owns 2,441,112 shares of the company's stock valued at $376,932,000 after purchasing an additional 1,959,137 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total value of $2,188,900.00. Following the completion of the transaction, the executive vice president owned 547,336 shares in the company, valued at $119,806,377.04. The trade was a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank Slootman sold 100,483 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $223.55, for a total value of $22,462,974.65. Following the sale, the director directly owned 165,507 shares in the company, valued at $36,999,089.85. This represents a 37.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,697,855 shares of company stock valued at $586,415,198 in the last quarter. Corporate insiders own 6.80% of the company's stock.

Snowflake Stock Performance

Snowflake stock opened at $223.83 on Friday. The firm has a 50 day simple moving average of $213.78 and a 200-day simple moving average of $182.43. 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 1-year low of $107.13 and a 1-year high of $229.27. The stock has a market cap of $74.73 billion, a price-to-earnings ratio of -53.17 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS 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 analyst estimates of $1.01 billion. During the same period in the prior year, the business posted $0.14 EPS. The business's revenue for the quarter was up 25.8% compared to the same quarter last year. On average, analysts expect that Snowflake Inc. will post -2.36 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on SNOW shares. Barclays reiterated an "overweight" rating and issued a $219.00 price objective (up previously from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. CICC Research started coverage on shares of Snowflake in a research report on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Royal Bank Of Canada upped their price objective on shares of Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Finally, DA Davidson reissued a "buy" rating and set a $250.00 target price on shares of Snowflake in a research note on Wednesday, June 4th. Two research 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 issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.73.

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.

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