Snowflake Inc. $SNOW Position Trimmed by Quantitative Investment Management LLC

Key Points

• Quantitative Investment Management LLC reduced its stake in Snowflake Inc. by 88.1%, selling 16,796 shares to hold just 2,277 shares valued at $332,000.
• In contrast, several other hedge funds, including Jump Financial LLC and Allstate Corp, increased their positions in Snowflake during the same period, with Jump Financial's stake rising by 53.8%.
• Snowflake's stock price currently sits at $194.80, a 1.0% decrease, with analysts generally rating it as a strong buy and establishing a consensus target price of $230.22.

Quantitative Investment Management LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 88.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,277 shares of the company's stock after selling 16,796 shares during the period. Quantitative Investment Management LLC's holdings in Snowflake were worth $332,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of Snowflake in the first quarter worth $555,847,000. Price T Rowe Associates Inc. MD lifted its holdings in Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock worth $691,693,000 after buying an additional 763,673 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Snowflake by 22.2% during the first 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. lifted its holdings in shares of Snowflake by 26.5% during the first 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 position in shares of Snowflake by 51.6% during the first quarter. 1832 Asset Management L.P. now owns 1,571,800 shares of the company's stock valued at $229,734,000 after acquiring an additional 535,160 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company's stock.

Insider Buying and Selling

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $211.35, for a total transaction of $10,638,936.30. Following the completion of the transaction, the director owned 37,796 shares in the company, valued at $7,988,184.60. The trade was a 57.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the sale, the director owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This trade represents a 71.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,516,826 shares of company stock valued at $555,691,052 in the last 90 days. Company insiders own 6.80% of the company's stock.

Snowflake Stock Performance

SNOW stock traded up $40.45 during midday trading on Thursday, hitting $240.84. 42,113,858 shares of the stock traded hands, compared to its average volume of 5,078,536. The firm has a market cap of $80.41 billion, a P/E ratio of -58.03 and a beta of 1.22. 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 stock's fifty day simple moving average is $210.88 and its 200-day simple moving average is $185.53. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $249.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SNOW shares. Guggenheim reissued a "neutral" rating on shares of Snowflake in a research report on Thursday. Oppenheimer upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. upped their target price on shares of Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday. Raymond James Financial boosted their price target on shares of Snowflake from $212.00 to $230.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, KeyCorp upped their target price on shares of Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday. 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's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Snowflake 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.