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

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC raised its holdings in shares of Snowflake by 1.9% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 11,514 shares of the company's stock valued at $1,683,000 after purchasing an additional 210 shares during the period. Resources Management Corp CT ADV raised its holdings in shares of Snowflake by 6.4% in the 1st quarter. Resources Management Corp CT ADV now owns 10,156 shares of the company's stock valued at $1,484,000 after purchasing an additional 612 shares during the period. Trybe Capital Management LP bought a new stake in shares of Snowflake in the 1st quarter valued at about $28,674,000. Sandler Capital Management acquired a new position in Snowflake in the 1st quarter valued at about $2,567,000. Finally, Napean Trading & Investment Co Singapore PTE Ltd grew its stake in Snowflake by 4.8% in the 1st quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 45,124 shares of the company's stock valued at $6,595,000 after buying an additional 2,081 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SNOW has been the topic of a number of research reports. Jefferies Financial Group upped their price target on shares of Snowflake from $250.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. CICC Research initiated coverage on shares of Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of Snowflake from $230.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Sanford C. Bernstein upped their price target on shares of Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Finally, Morgan Stanley upped their price target on shares of Snowflake from $262.00 to $272.00 and gave the company an "overweight" rating in a research note 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 given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Price Performance

Shares of NYSE SNOW traded down $0.11 during trading hours on Thursday, hitting $225.74. 1,791,742 shares of the stock were exchanged, compared to its average volume of 5,372,800. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.58 and a current ratio of 1.48. The company has a market cap of $75.37 billion, a PE ratio of -54.40 and a beta of 1.22. The company's fifty day simple moving average is $212.76 and its two-hundred day simple moving average is $188.17. Snowflake Inc. has a 1-year low of $108.71 and a 1-year high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. On average, sell-side analysts predict that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling

In related news, Director Frank Slootman sold 710,083 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director owned 165,507 shares of the company's stock, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 3,224,389 shares of company stock valued at $719,812,350. 6.80% of the stock is owned by corporate 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.