Stevens Capital Management LP Makes New Investment in Snowflake Inc. (NYSE:SNOW)

Key Points

• Stevens Capital Management LP has made a new investment of approximately $238,000 in Snowflake Inc., acquiring 1,629 shares in the first quarter.
• Several other institutional investors have also increased their stakes in Snowflake, with Norges Bank investing nearly $989 million and FMR LLC growing its holdings by 84.9% during the fourth quarter.
• Snowflake recently reported a revenue increase of 25.8% year-over-year, with earnings per share of $0.24, exceeding analysts' expectations of $0.22.

Stevens Capital Management LP bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,629 shares of the company's stock, valued at approximately $238,000.

Other large investors have also recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new position in Snowflake during the 1st quarter worth approximately $898,000. SBI Securities Co. Ltd. increased its stake in Snowflake by 9.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company's stock valued at $8,856,000 after buying an additional 5,197 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Snowflake by 26.0% during the fourth quarter. Deutsche Bank AG now owns 922,953 shares of the company's stock worth $142,513,000 after acquiring an additional 190,583 shares during the period. Artemis Investment Management LLP bought a new position in Snowflake during the 1st quarter worth $9,090,000. Finally, Ardmore Road Asset Management LP bought a new position in Snowflake during the 4th quarter worth $18,529,000. Institutional investors own 65.10% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on SNOW shares. Macquarie raised their price target on shares of Snowflake from $190.00 to $210.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Truist Financial lifted their price target on shares of Snowflake from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. CICC Research initiated coverage on Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target on the stock. Jefferies Financial Group lifted their price objective on Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Sanford C. Bernstein reissued a "market perform" rating on shares of Snowflake in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $226.73.

Insider Activity

In other news, Director Frank Slootman sold 100,483 shares of Snowflake stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $223.55, for a total transaction of $22,462,974.65. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $36,999,089.85. The trade was a 37.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $221.47, for a total transaction of $89,252.41. Following the sale, the director directly owned 26,539 shares in the company, valued at $5,877,592.33. The trade was a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,708,258 shares of company stock worth $588,162,906 in the last quarter. Insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of NYSE SNOW traded down $0.77 during midday trading on Monday, hitting $218.74. 3,441,262 shares of the company's stock were exchanged, compared to its average volume of 5,105,664. The business's fifty day moving average price is $211.09 and its two-hundred day moving average price is $181.09. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. The company has a market cap of $73.03 billion, a price-to-earnings ratio of -51.96 and a beta of 1.22. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business's quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. As a group, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.