Snowflake Inc. $SNOW Shares Purchased by IFM Investors Pty Ltd

Key Points

• IFM Investors Pty Ltd increased its stake in Snowflake Inc. by 12.2%, owning 60,616 shares valued at approximately $13.56 million as of the latest SEC filing.
• Snowflake's stock has a 1-year trading range with a low of $108.71 and a high of $249.99, reflecting current market volatility.
• The company reported $1.14 billion in revenue for the latest quarter, exceeding analyst expectations and demonstrating a year-over-year growth of 31.8%.

IFM Investors Pty Ltd boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 12.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,616 shares of the company's stock after acquiring an additional 6,596 shares during the quarter. IFM Investors Pty Ltd's holdings in Snowflake were worth $13,564,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SNOW. Vanguard Group Inc. raised its holdings in Snowflake by 1.2% during the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock worth $3,974,705,000 after purchasing an additional 316,573 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock worth $691,693,000 after acquiring an additional 763,673 shares during the last quarter. Nuveen LLC purchased a new position in shares of Snowflake during the first quarter worth approximately $555,847,000. Goldman Sachs Group Inc. grew its position in shares of Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after acquiring an additional 650,775 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Snowflake by 346.2% during the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock worth $456,430,000 after acquiring an additional 2,460,769 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of research reports. Cowen restated a "buy" rating on shares of Snowflake in a research report on Thursday, August 28th. Wells Fargo & Company raised their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Truist Financial raised their target price on shares of Snowflake from $235.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Stephens initiated coverage on shares of Snowflake in a research report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. Finally, BTIG Research raised their target price on shares of Snowflake from $235.00 to $276.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Price Performance

Shares of NYSE SNOW traded up $8.29 during trading on Friday, hitting $230.40. 7,769,335 shares of the company were exchanged, compared to its average volume of 7,794,196. The company has a market cap of $78.06 billion, a price-to-earnings ratio of -55.52 and a beta of 1.22. Snowflake Inc. has a 1 year low of $108.71 and a 1 year high of $249.99. The firm's fifty day moving average price is $213.16 and its 200 day moving average price is $190.73. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business's revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. On average, sell-side analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 3,224,646 shares of company stock worth $720,005,171. Insiders own 6.80% of the company's stock.

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.