Magnetar Financial LLC Invests $4.70 Million in Snowflake Inc. $SNOW

Key Points

• Magnetar Financial LLC has taken a new position in Snowflake Inc. by purchasing 32,150 shares, valued at approximately $4.70 million, indicating growing institutional interest in the company.
• Director Frank Slootman sold over 710,000 shares of Snowflake, resulting in an 81.10% decrease in his position, while insider sales totaled over 3.2 million shares in the last 90 days.
• Multiple analysts have recently upgraded their price targets for Snowflake, with firms like Goldman Sachs raising their target to $260, reflecting strong confidence in the company's performance ahead.

Magnetar Financial LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,150 shares of the company's stock, valued at approximately $4,699,000.

Other hedge funds also recently bought and sold shares of the company. Opal Wealth Advisors LLC purchased a new stake in Snowflake during the first quarter worth $26,000. CVA Family Office LLC increased its position in shares of Snowflake by 80.0% during 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. West Paces Advisors Inc. acquired a new position in shares of Snowflake during the fourth quarter worth $31,000. Spurstone Advisory Services LLC acquired a new position in shares of Snowflake during the fourth quarter worth $31,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of Snowflake during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 65.10% of the company's stock.

Snowflake Stock Performance

Shares of NYSE SNOW traded down $9.86 during mid-day trading on Thursday, hitting $219.48. The stock had a trading volume of 6,699,267 shares, compared to its average volume of 5,365,354. The company has a 50 day moving average of $212.27 and a two-hundred day moving average of $186.83. The firm has a market cap of $73.28 billion, a PE ratio of -52.92 and a beta of 1.22. 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 Inc. has a twelve month low of $107.13 and a twelve month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share 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 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 firm's revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS. Research analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the sale, the director directly owned 26,136 shares of the company's stock, valued at approximately $5,454,321.84. This trade represents a 1.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $216.00, for a total value of $2,160,000.00. Following the sale, the executive vice president directly owned 537,336 shares in the company, 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. Insiders sold a total of 3,216,909 shares of company stock valued at $717,287,181 over the last quarter. 6.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SNOW has been the topic of a number of recent analyst reports. Hsbc Global Res downgraded Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Piper Sandler upped their price target on Snowflake from $215.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and set a $260.00 price target on shares of Snowflake in a research report on Tuesday, August 26th. DA Davidson reaffirmed a "buy" rating and set a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Finally, Macquarie upped their price target on Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Two investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $255.53.

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.