Davidson Kempner Capital Management LP Takes Position in Snowflake Inc. (NYSE:SNOW)

Davidson Kempner Capital Management LP bought a new position in Snowflake Inc. (NYSE:SNOW) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 62,500 shares of the company’s stock, valued at approximately $8,443,000.

Several other hedge funds have also added to or reduced their stakes in SNOW. Commerce Bank lifted its stake in shares of Snowflake by 0.8% in the 4th quarter. Commerce Bank now owns 6,138 shares of the company’s stock valued at $1,221,000 after acquiring an additional 51 shares during the last quarter. Park Avenue Securities LLC lifted its position in Snowflake by 0.5% in the first quarter. Park Avenue Securities LLC now owns 13,484 shares of the company’s stock valued at $2,179,000 after purchasing an additional 70 shares during the last quarter. Covestor Ltd boosted its stake in shares of Snowflake by 25.0% during the first quarter. Covestor Ltd now owns 350 shares of the company’s stock valued at $57,000 after purchasing an additional 70 shares during the period. IAM Advisory LLC grew its holdings in shares of Snowflake by 2.0% in the first quarter. IAM Advisory LLC now owns 3,711 shares of the company’s stock worth $600,000 after purchasing an additional 74 shares during the last quarter. Finally, Joseph P. Lucia & Associates LLC increased its stake in shares of Snowflake by 2.6% in the first quarter. Joseph P. Lucia & Associates LLC now owns 2,958 shares of the company’s stock worth $478,000 after buying an additional 75 shares during the period. 65.10% of the stock is owned by institutional investors.

Snowflake Stock Down 3.3 %

Shares of SNOW stock opened at $110.27 on Monday. The company has a 50 day moving average price of $120.87 and a 200-day moving average price of $139.36. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $237.72. The firm has a market capitalization of $36.96 billion, a PE ratio of -39.38 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. During the same period in the previous year, the company posted ($0.52) EPS. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. Analysts anticipate that Snowflake Inc. will post -2.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada cut their price target on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating on the stock in a report on Wednesday, June 5th. Stifel Nicolaus lowered their price target on Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Robert W. Baird dropped their price objective on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Needham & Company LLC decreased their target price on Snowflake from $210.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $195.00 price target on shares of Snowflake in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $176.03.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 6,251 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $715,051.89. Following the completion of the sale, the director now owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Frank Slootman sold 6,251 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $715,051.89. Following the transaction, the director now directly owns 208,735 shares of the company’s stock, valued at approximately $23,877,196.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Emily Ho sold 3,845 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $130.39, for a total value of $501,349.55. Following the sale, the chief accounting officer now directly owns 30,613 shares of the company’s stock, valued at approximately $3,991,629.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 517,203 shares of company stock worth $63,833,373. Company insiders own 7.80% of the company’s stock.

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.