4,816 Shares in Snowflake Inc. (NYSE:SNOW) Bought by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management invested approximately $704,000 in Snowflake Inc. (NYSE:SNOW), acquiring 4,816 shares during the first quarter.
• Significant insider selling occurred, with Director Mark Garrett selling 67,000 shares and Frank Slootman selling 424,852 shares, leading to a substantial decrease in their ownership positions.
• Snowflake reported a 25.8% increase in revenue year-over-year, achieving $1.04 billion in revenue during the last quarter, surpassing analysts' expectations.

Neo Ivy Capital Management purchased 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. The firm purchased 4,816 shares of the company's stock, valued at approximately $704,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers boosted its position in shares of Snowflake by 18.1% during the 1st quarter. Cetera Investment Advisers now owns 91,002 shares of the company's stock worth $13,301,000 after purchasing an additional 13,927 shares during the period. Brookwood Investment Group LLC purchased a new position in shares of Snowflake during the 1st quarter worth approximately $223,000. Machina Capital S.A.S. boosted its position in shares of Snowflake by 31.2% during the 1st quarter. Machina Capital S.A.S. now owns 4,811 shares of the company's stock worth $703,000 after purchasing an additional 1,145 shares during the period. Black Swift Group LLC boosted its position in shares of Snowflake by 283.1% during the 1st quarter. Black Swift Group LLC now owns 20,115 shares of the company's stock worth $2,940,000 after purchasing an additional 14,865 shares during the period. Finally, AE Wealth Management LLC purchased a new position in shares of Snowflake during the 1st quarter worth approximately $310,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Trading Down 0.4%

Shares of Snowflake stock traded down $0.77 during trading on Monday, hitting $218.74. The stock had a trading volume of 3,441,262 shares, compared to its average volume of 5,105,664. The stock has a 50 day simple moving average of $211.09 and a 200 day simple moving average of $181.09. The company has a market capitalization of $73.03 billion, a PE ratio of -51.96 and a beta of 1.22. 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 Inc. has a 1 year low of $107.13 and a 1 year high of $226.60.

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

Analysts Set New Price Targets

SNOW has been the subject of a number of research analyst reports. Loop Capital increased their price objective on shares of Snowflake from $220.00 to $245.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Oppenheimer reissued an "outperform" rating on shares of Snowflake in a research report on Tuesday, June 24th. Scotiabank reissued an "outperform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Wells Fargo & Company reissued an "overweight" rating and issued a $250.00 price target (up previously from $225.00) on shares of Snowflake in a research report on Friday, June 13th. Finally, Jefferies Financial Group raised 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Snowflake currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.73.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $221.47, for a total value of $89,252.41. Following the completion of the sale, the director directly owned 26,539 shares in the company, valued at $5,877,592.33. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total transaction of $2,188,900.00. Following the completion of the sale, the executive vice president owned 547,336 shares of the company's stock, valued at $119,806,377.04. This trade represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,708,258 shares of company stock valued at $588,162,906 over the last three months. 6.80% of the stock is owned by 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.