Fred Alger Management LLC Buys 182,654 Shares of Snowflake Inc. $SNOW

Key Points

• Fred Alger Management LLC increased its stake in Snowflake Inc. by 312.8%, owning 241,038 shares worth approximately $35 million after acquiring an additional 182,654 shares in the first quarter.
• Several institutional investors, including Vanguard Group and Goldman Sachs, also raised their positions in Snowflake, with institutional ownership now totaling 65.10% of the company's stock.
• Snowflake reported a 31.8% year-over-year revenue increase in its latest quarter, achieving revenues of $1.14 billion, and exceeded EPS expectations with $0.35 against a forecast of $0.27.

Fred Alger Management LLC boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 312.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 241,038 shares of the company's stock after purchasing an additional 182,654 shares during the period. Fred Alger Management LLC owned approximately 0.07% of Snowflake worth $35,230,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SNOW. Ashton Thomas Private Wealth LLC boosted its position in Snowflake by 1.9% during the first quarter. Ashton Thomas Private Wealth LLC now owns 11,514 shares of the company's stock worth $1,683,000 after purchasing an additional 210 shares in the last quarter. Resources Management Corp CT ADV raised its position in shares of Snowflake by 6.4% in the first quarter. Resources Management Corp CT ADV now owns 10,156 shares of the company's stock valued at $1,484,000 after buying an additional 612 shares during the last quarter. Trybe Capital Management LP acquired a new stake in shares of Snowflake in the first quarter worth approximately $28,674,000. Sandler Capital Management acquired a new stake in shares of Snowflake in the first quarter worth approximately $2,567,000. Finally, Napean Trading & Investment Co Singapore PTE Ltd increased its position in Snowflake by 4.8% during the 1st quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 45,124 shares of the company's stock worth $6,595,000 after purchasing an additional 2,081 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW traded down $1.08 on Tuesday, hitting $225.44. The company's stock had a trading volume of 3,930,665 shares, compared to its average volume of 7,460,893. Snowflake Inc. has a one year low of $108.13 and a one year high of $249.99. The stock has a fifty day moving average of $212.39 and a two-hundred day moving average of $187.65. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58.

Snowflake (NYSE:SNOW - Get Free Report) last released its 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 firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The company's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. Research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SNOW shares. Oppenheimer boosted their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Cantor Fitzgerald raised their price target on shares of Snowflake from $242.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Barclays upped their price target on shares of Snowflake from $219.00 to $255.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Rosenblatt Securities lifted their price objective on shares of Snowflake from $210.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Canaccord Genuity Group upped their price objective on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Insider Activity

In related news, Director Frank Slootman sold 710,083 shares of the company's 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 sale, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 3,224,502 shares of company stock valued at $719,801,806. 6.80% of the stock is owned by company insiders.

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.