Ardmore Road Asset Management LP Purchases 240,000 Shares of Snowflake Inc. $SNOW

Key Points

• Ardmore Road Asset Management LP increased its stake in Snowflake Inc. by 200.0%, making it the firm's 3rd largest position, now owning 360,000 shares valued at approximately $52.6 million.
• Several analysts have upgraded their price targets for Snowflake, with targets ranging from $225.00 to $280.00, indicating a strong outlook for the stock with a consensus rating of "Moderate Buy".
• Insider trading activity has seen a significant sell-off, with Director Frank Slootman selling over 710,000 shares for approximately $163.7 million, contributing to a total of over 3.2 million shares sold by insiders in the last three months.

Ardmore Road Asset Management LP lifted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 200.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 360,000 shares of the company's stock after buying an additional 240,000 shares during the period. Snowflake makes up approximately 5.2% of Ardmore Road Asset Management LP's portfolio, making the stock its 3rd largest position. Ardmore Road Asset Management LP owned about 0.11% of Snowflake worth $52,618,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SNOW. Nuveen LLC acquired a new stake in Snowflake in the 1st quarter valued at approximately $555,847,000. Price T Rowe Associates Inc. MD increased its holdings in Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after purchasing an additional 763,673 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares during the last quarter. Invesco Ltd. increased its holdings in Snowflake by 26.5% in the 1st quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock valued at $451,384,000 after purchasing an additional 647,176 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in Snowflake by 51.6% in the 1st quarter. 1832 Asset Management L.P. now owns 1,571,800 shares of the company's stock valued at $229,734,000 after purchasing an additional 535,160 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Performance

SNOW traded down $4.39 on Wednesday, reaching $229.21. The company had a trading volume of 6,315,038 shares, compared to its average volume of 5,356,294. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $249.99. The stock has a market capitalization of $76.53 billion, a PE ratio of -55.23 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. The stock has a 50-day moving average price of $212.12 and a 200-day moving average price of $186.53.

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, beating analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the previous year, the company earned $0.18 earnings per share. Snowflake's quarterly revenue was up 31.8% compared to the same quarter last year. As a group, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Mizuho lifted their target price on shares of Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Macquarie raised their price target on shares of Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. DA Davidson reissued a "buy" rating and issued a $250.00 price target on shares of Snowflake in a research report on Monday, August 25th. Needham & Company LLC raised their price target on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, HSBC cut shares of Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction 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 transaction, the director directly owned 165,507 shares in the company, valued at approximately $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 3,216,909 shares of company stock valued at $717,287,181 in the last quarter. Insiders own 6.80% of the company's stock.

About Snowflake

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.