Benchstone Capital Management LP Acquires New Position in Snowflake Inc. $SNOW

Key Points

• Benchstone Capital Management LP has acquired a new stake in Snowflake Inc., purchasing 109,249 shares valued at approximately $15.97 million, making Snowflake 1.7% of its portfolio.
• Major investors, including Vanguard Group and Goldman Sachs, have recently increased their stakes in Snowflake, indicating strong institutional interest in the company.
• Several research firms have raised their price targets for Snowflake, with estimates now ranging from $250 to $280, reflecting a consensus rating of "Moderate Buy" among analysts.

Benchstone Capital Management LP acquired a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 109,249 shares of the company's stock, valued at approximately $15,968,000. Snowflake accounts for about 1.7% of Benchstone Capital Management LP's portfolio, making the stock its 27th largest position.

Several other hedge funds have also added to or reduced their stakes in SNOW. Opal Wealth Advisors LLC bought a new stake in Snowflake in the first quarter worth about $26,000. CVA Family Office LLC increased its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake in the fourth quarter worth about $31,000. Capital A Wealth Management LLC purchased a new position in shares of Snowflake in the fourth quarter worth about $31,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after purchasing an additional 187 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of Snowflake from $230.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. UBS Group lifted their target price on shares of Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Jefferies Financial Group lifted their target price on shares of Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Barclays lifted their target price on shares of Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Scotiabank lifted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 28th. Two 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Price Performance

SNOW stock traded down $5.04 during midday trading on Tuesday, reaching $233.62. The company had a trading volume of 7,212,112 shares, compared to its average volume of 6,862,595. 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 $249.99. The company has a market capitalization of $78.00 billion, a P/E ratio of -56.29 and a beta of 1.22. The firm has a 50-day moving average price of $212.12 and a 200-day moving average price of $186.53.

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

Insider Buying and Selling at Snowflake

In related news, Director Teresa Briggs sold 1,146 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total transaction of $249,530.04. Following the completion of the sale, the director directly owned 4,474 shares in the company, valued at $974,168.76. This represents a 20.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $216.00, for a total transaction of $2,160,000.00. Following the sale, the executive vice president owned 537,336 shares of the company's stock, valued at $116,064,576. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,216,909 shares of company stock valued at $717,287,181. 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.