Snowflake Inc. $SNOW Shares Acquired by Jump Financial LLC

Key Points

• Jump Financial LLC increased its position in Snowflake Inc. by 53.8%, owning 61,480 shares valued at approximately $8.99 million as of the latest reporting period.
• Snowflake reported earnings of $0.24 per share, surpassing the consensus estimate of $0.22, with revenue reaching $1.04 billion for the quarter, a 25.8% increase year-over-year.
• Analysts are optimistic, with Cantor Fitzgerald raising their price target for Snowflake from $183 to $242, reflecting a strong bullish sentiment in recent research reports.

Jump Financial LLC grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 53.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,480 shares of the company's stock after buying an additional 21,514 shares during the quarter. Jump Financial LLC's holdings in Snowflake were worth $8,986,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after buying an additional 316,573 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after buying an additional 763,673 shares in the last quarter. Nuveen LLC purchased a new position in shares of Snowflake in the first quarter valued at $555,847,000. Goldman Sachs Group Inc. increased its position in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after buying an additional 650,775 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Snowflake by 26.5% in the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock valued at $451,384,000 after buying an additional 647,176 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 424,852 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $211.35, for a total value of $10,638,936.30. Following the completion of the transaction, the director directly owned 37,796 shares of the company's stock, valued at approximately $7,988,184.60. The trade was a 57.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,516,826 shares of company stock valued at $555,691,052. 6.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SNOW. Stifel Nicolaus lifted their price objective on Snowflake from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday. Morgan Stanley lifted their price objective on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research report on Thursday. HSBC cut Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. KeyCorp lifted their price objective on Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Rosenblatt Securities raised their price target on Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Snowflake has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Stock Performance

Shares of SNOW stock traded up $40.45 on Thursday, hitting $240.84. 41,977,838 shares of the stock traded hands, compared to its average volume of 5,298,475. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The company has a market capitalization of $80.41 billion, a PE ratio of -57.21 and a beta of 1.22. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99. The company's fifty day moving average is $210.30 and its 200 day moving average is $185.15.

About Snowflake

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.