Maxi Investments CY Ltd Boosts Stake in Snowflake Inc. (NYSE:SNOW)

Key Points

• Maxi Investments CY Ltd significantly increased its stake in Snowflake Inc. by 461.7%, acquiring a total of 33,891 shares valued at approximately $4.95 million as of the latest SEC filing.
• Institutional investors hold 65.10% of Snowflake's stock, with multiple hedge funds raising their positions recently, reflecting growing interest in the company.
• While Snowflake's stock has a consensus rating of "Moderate Buy" among analysts, Jefferies Financial Group raised its target price from $220 to $250, indicating bullish sentiment on the stock's prospects.

Maxi Investments CY Ltd boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 461.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,891 shares of the company's stock after purchasing an additional 27,857 shares during the period. Snowflake comprises 1.0% of Maxi Investments CY Ltd's investment portfolio, making the stock its 27th biggest position. Maxi Investments CY Ltd's holdings in Snowflake were worth $4,954,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. FMR LLC grew its holdings in shares of Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company's stock worth $943,155,000 after buying an additional 2,805,425 shares in the last quarter. Price T Rowe Associates Inc. MD grew 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 valued at $612,817,000 after purchasing an additional 2,200,406 shares during the period. Invesco Ltd. grew its holdings in Snowflake by 406.5% in the fourth quarter. Invesco Ltd. now owns 2,441,112 shares of the company's stock valued at $376,932,000 after purchasing an additional 1,959,137 shares during the period. Winslow Capital Management LLC purchased a new stake in Snowflake in the fourth quarter valued at approximately $172,683,000. Finally, Voya Investment Management LLC grew its holdings in Snowflake by 157.0% in the fourth quarter. Voya Investment Management LLC now owns 925,817 shares of the company's stock valued at $142,955,000 after purchasing an additional 565,561 shares during the period. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of the company's stock in a transaction on 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 completion of the transaction, the executive vice president owned 537,336 shares in the company, valued at $116,064,576. This represents a 1.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 256,046 shares of the business's stock in a transaction on Thursday, July 31st. The shares were 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 in the company, valued at approximately $37,594,915.05. The trade was a 60.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,014,642 shares of company stock worth $657,325,186. Company insiders own 6.80% of the company's stock.

Snowflake Trading Up 2.3%

Snowflake stock traded up $4.82 during trading hours on Wednesday, hitting $210.59. The stock had a trading volume of 3,233,658 shares, compared to its average volume of 3,513,548. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $70.31 billion, a price-to-earnings ratio of -50.02 and a beta of 1.22. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27. The business's 50 day simple moving average is $214.04 and its 200-day simple moving average is $183.36.

Snowflake (NYSE:SNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the firm posted $0.14 earnings per share. The business's quarterly revenue was up 25.8% on a year-over-year basis. On average, equities analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $230.00 price target on shares of Snowflake in a research report on Thursday, June 5th. Jefferies Financial Group lifted their price target on shares of Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research report on Thursday, May 22nd. Hsbc Global Res cut shares of Snowflake from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Finally, Royal Bank Of Canada boosted their target price on shares of Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.73.

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.