Snowflake Inc. $SNOW Shares Purchased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC significantly increased its stake in Snowflake Inc., boosting its ownership by 346.2% in Q1, now holding 3,171,635 shares valued at approximately $456.4 million.
• Snowflake has received multiple upgraded target prices from analysts, reaching as high as $275, with a consensus rating labeled as "Moderate Buy".
• Insider activity showed a notable sale of 710,083 shares by Director Frank Slootman, indicating a significant decrease of 81.1% in his position within the company.

AQR Capital Management LLC boosted its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 346.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,171,635 shares of the company's stock after purchasing an additional 2,460,769 shares during the quarter. AQR Capital Management LLC owned approximately 0.96% of Snowflake worth $456,430,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake in the first quarter valued at $26,000. CVA Family Office LLC grew its stake in shares of Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares in the last quarter. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at about $31,000. Capital A Wealth Management LLC acquired a new stake in shares of Snowflake in the fourth quarter valued at about $31,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in Snowflake during the 4th quarter valued at approximately $32,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNOW has been the topic of a number of research analyst reports. Stephens initiated coverage on Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. KeyCorp raised their target price on Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Barclays raised their target price on Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Sanford C. Bernstein raised their target price on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research report on Thursday, August 28th. Finally, Canaccord Genuity Group lifted their price target on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research report 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 assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Trading Down 2.1%

Shares of SNOW opened at $233.62 on Wednesday. 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's 50-day moving average price is $212.12 and its 200 day moving average price is $186.53. The firm has a market capitalization of $78.00 billion, a price-to-earnings ratio of -56.29 and a beta of 1.22. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $249.99.

Snowflake (NYSE:SNOW - Get Free Report) last released 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. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate 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 previous year, the business earned $0.18 earnings per share. As a group, research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity at Snowflake

In other news, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was 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 of the company's stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 3,216,909 shares of company stock valued at $717,287,181. 6.80% of the stock is owned by insiders.

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.

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