Goldman Sachs Group Inc. Buys 650,775 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Goldman Sachs increased its stake in Snowflake Inc. by 22.2%, owning 3,587,114 shares valued at approximately $524 million after acquiring an additional 650,775 shares.
• Multiple hedge funds have significantly boosted their holdings in Snowflake, with Price T Rowe Associates increasing by 124.4% and Invesco by 406.5% in the last quarter.
• Snowflake recently reported a revenue of $1.04 billion for the quarter, exceeding analyst expectations, and is projected to post a -2.36 EPS for the current fiscal year.

Goldman Sachs Group Inc. boosted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 22.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,587,114 shares of the company's stock after purchasing an additional 650,775 shares during the quarter. Goldman Sachs Group Inc. owned about 1.09% of Snowflake worth $524,293,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SNOW. Price T Rowe Associates Inc. MD increased its holdings in 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 purchasing an additional 2,200,406 shares in the last quarter. Invesco Ltd. increased its holdings in shares of 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 acquiring an additional 1,959,137 shares in the last quarter. Winslow Capital Management LLC bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $172,683,000. Voya Investment Management LLC increased its holdings in shares of Snowflake by 157.0% during the fourth quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock valued at $142,955,000 after acquiring an additional 565,561 shares in the last quarter. Finally, Polar Capital Holdings Plc bought a new stake in shares of Snowflake during the fourth quarter valued at approximately $71,951,000. 65.10% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 256,046 shares of Snowflake stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $227.15, for a total value of $58,160,848.90. Following the completion of the sale, the director owned 165,507 shares of the company's stock, valued at $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Teresa Briggs sold 1,146 shares of Snowflake 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 completion of the sale, the director directly owned 4,474 shares of the company's stock, valued at $974,168.76. The trade was a 20.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,014,642 shares of company stock worth $657,325,186 in the last 90 days. 6.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several recent research reports. Cowen restated a "buy" rating on shares of Snowflake in a report on Thursday, May 22nd. Royal Bank Of Canada lifted their target price on Snowflake from $236.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Cantor Fitzgerald lifted their target price on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Loop Capital lifted their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $215.00 target price (up previously from $175.00) on shares of Snowflake in a research report on Wednesday, May 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.73.

Snowflake Stock Up 2.3%

Shares of NYSE:SNOW opened at $210.59 on Thursday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $229.27. The firm has a market capitalization of $70.31 billion, a P/E ratio of -50.02 and a beta of 1.22. The stock has a 50 day moving average price of $214.17 and a 200-day moving average price of $183.55. 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 data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the company earned $0.14 EPS. As a group, equities research analysts anticipate 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.

Want to see what other hedge funds are holding SNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snowflake Inc. (NYSE:SNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.