Trexquant Investment LP Decreases Stock Holdings in Snowflake Inc. $SNOW

Key Points

• Trexquant Investment LP has significantly reduced its stake in Snowflake Inc., cutting its ownership by 62% to 44,598 shares, which were valued at approximately $6.5 million at the end of the most recent quarter.
• Multiple analysts have raised their price targets for Snowflake, with UBS Group revising it to $285, indicating a positive outlook for the company's stock.
• Insider transactions reveal a substantial sell-off, with Director Frank Slootman selling over 710,000 shares valued at around $163.7 million, decreasing his ownership by more than 81%.

Trexquant Investment LP lowered its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 62.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,598 shares of the company's stock after selling 72,823 shares during the period. Trexquant Investment LP's holdings in Snowflake were worth $6,518,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of 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 acquiring an additional 650,775 shares in the last quarter. CenterBook Partners LP purchased a new stake in shares of Snowflake in the 1st quarter worth approximately $2,381,000. Berkshire Capital Holdings Inc. grew its stake in shares of Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock worth $1,047,000 after buying an additional 7,150 shares during the last quarter. Lyell Wealth Management LP grew its stake in shares of Snowflake by 5.1% in the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after buying an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in shares of Snowflake in the 1st quarter worth approximately $898,000. Institutional investors own 65.10% of the company's stock.

Snowflake Trading Down 2.1%

Shares of NYSE:SNOW traded down $5.04 during trading hours on Tuesday, hitting $233.62. 7,212,112 shares of the company's stock traded hands, compared to its average volume of 6,862,595. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $249.99. The business has a fifty day moving average price of $212.12 and a 200-day moving average price of $186.53. The firm has a market capitalization of $78.00 billion, a P/E ratio of -56.29 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.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 41.42%. The company's revenue was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 earnings per share. Equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group upped their price target on Snowflake from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. JMP Securities reiterated a "market outperform" rating and set a $260.00 target price on shares of Snowflake in a research note on Tuesday, August 26th. Barclays increased their price target on Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Finally, Royal Bank Of Canada increased their price target on Snowflake from $250.00 to $275.00 and gave the company an "outperform" 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 issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $255.53.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the company's stock in a transaction dated 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 completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 3,216,909 shares of company stock valued at $717,287,181 in the last three months. Corporate insiders own 6.80% of the company's stock.

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.