Graham Capital Management L.P. Buys 12,026 Shares of Snowflake Inc. $SNOW

Key Points

• Graham Capital Management L.P. increased its holdings in Snowflake Inc. by 58.5%, acquiring 12,026 shares to reach a total of 32,592 shares, valued at approximately $4,764,000.
• Director Frank Slootman sold 710,083 shares of Snowflake, resulting in an 81.10% decrease in his ownership, valued at around $38.1 million post-sale.
• Multiple analysts have raised price targets for Snowflake, with estimates ranging from $255 to $272, indicating strong market support with an average consensus target price of $255.53.

Graham Capital Management L.P. lifted its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 58.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,592 shares of the company's stock after purchasing an additional 12,026 shares during the quarter. Graham Capital Management L.P.'s holdings in Snowflake were worth $4,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in shares of Snowflake in the 1st quarter worth about $26,000. CVA Family Office LLC raised its position in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Spurstone Advisory Services LLC bought a new stake in Snowflake in the 4th quarter worth about $31,000. Capital A Wealth Management LLC bought a new stake in Snowflake in the 4th quarter worth about $31,000. Finally, Golden State Wealth Management LLC increased its holdings in Snowflake by 748.0% in the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock worth $31,000 after buying an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on SNOW shares. Needham & Company LLC lifted their price objective on Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price objective on Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. CICC Research started coverage on Snowflake in a report on Friday, June 20th. They issued an "outperform" rating and a $225.00 price objective for the company. Monness Crespi & Hardt lifted their price objective on Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, BTIG Research lifted their price objective on Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

Shares of Snowflake stock traded down $5.04 during trading hours on Tuesday, reaching $233.62. 7,212,112 shares of the stock traded hands, compared to its average volume of 6,862,595. The company has a 50 day moving average price of $212.12 and a 200 day moving average price of $186.53. The firm has a market capitalization of $78.00 billion, a price-to-earnings ratio of -56.29 and a beta of 1.22. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99. 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 released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The business's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. On average, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the completion of the transaction, the director directly owned 26,136 shares in the company, valued at approximately $5,454,321.84. The trade was a 1.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This trade represents a 81.10% 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. 6.80% of the stock is owned by company insiders.

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.