Gotham Asset Management LLC Boosts Stock Position in Snowflake Inc. $SNOW

Key Points

• Gotham Asset Management LLC increased its stake in Snowflake Inc. by 27.2% in the first quarter, bringing its total ownership to 567,693 shares valued at approximately $82.97 million.
• Several brokerage firms raised their price targets for Snowflake, with BTIG Research setting the highest at $276 and maintaining a "buy" rating.
• Insider trading saw significant activity as Director Frank Slootman sold over 710,000 shares for approximately $163.65 million, resulting in a major reduction of his ownership.

Gotham Asset Management LLC raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 27.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 567,693 shares of the company's stock after purchasing an additional 121,445 shares during the period. Snowflake makes up approximately 0.7% of Gotham Asset Management LLC's holdings, making the stock its 8th largest holding. Gotham Asset Management LLC owned approximately 0.17% of Snowflake worth $82,974,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SNOW. Vanguard Group Inc. lifted its position in Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock valued at $3,974,705,000 after purchasing an additional 316,573 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 worth $691,693,000 after purchasing an additional 763,673 shares in the last quarter. Nuveen LLC bought a new position in Snowflake in the 1st quarter worth $555,847,000. Goldman Sachs Group Inc. raised 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 worth $524,293,000 after purchasing an additional 650,775 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock worth $456,430,000 after purchasing an additional 2,460,769 shares during the period. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 3,176,168 shares of company stock worth $708,898,070 in the last quarter. Insiders own 6.80% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Cowen restated a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. KeyCorp boosted their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Stifel Nicolaus boosted their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $225.00 to $255.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Finally, Macquarie boosted their target price on shares of Snowflake from $210.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Price Performance

SNOW stock traded up $3.57 during trading on Friday, hitting $225.47. 5,885,231 shares of the company's stock traded hands, compared to its average volume of 7,631,951. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $249.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The business has a fifty day simple moving average of $212.34 and a 200 day simple moving average of $187.29.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same quarter in the previous year, the business posted $0.18 earnings per share. The business's revenue was up 31.8% compared to the same quarter last year. On average, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

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.