BlueCrest Capital Management Ltd Acquires New Position in Snowflake Inc. (NYSE:SNOW)

BlueCrest Capital Management Ltd acquired a new stake in Snowflake Inc. (NYSE:SNOW) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 50,126 shares of the company’s stock, valued at approximately $7,734,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Verus Capital Partners LLC raised its stake in Snowflake by 1.7% in the 1st quarter. Verus Capital Partners LLC now owns 3,803 shares of the company’s stock valued at $587,000 after acquiring an additional 64 shares during the period. Global Retirement Partners LLC increased its position in shares of Snowflake by 14.7% during the first quarter. Global Retirement Partners LLC now owns 600 shares of the company’s stock valued at $87,000 after buying an additional 77 shares during the period. Amalgamated Bank increased its position in shares of Snowflake by 0.3% during the fourth quarter. Amalgamated Bank now owns 34,484 shares of the company’s stock valued at $4,950,000 after buying an additional 89 shares during the period. Asset Management Advisors LLC increased its position in shares of Snowflake by 0.3% during the first quarter. Asset Management Advisors LLC now owns 30,136 shares of the company’s stock valued at $4,650,000 after buying an additional 90 shares during the period. Finally, Delphia USA Inc. increased its position in shares of Snowflake by 3.3% during the first quarter. Delphia USA Inc. now owns 2,888 shares of the company’s stock valued at $446,000 after buying an additional 91 shares during the period. 63.74% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

NYSE:SNOW opened at $170.17 on Tuesday. The firm has a market cap of $55.46 billion, a PE ratio of -63.97 and a beta of 0.78. Snowflake Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $203.62. The business has a 50 day moving average price of $164.76 and a 200-day moving average price of $159.29.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 23rd. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.12. Snowflake had a negative return on equity of 14.07% and a negative net margin of 35.22%. The company had revenue of $674.00 million during the quarter, compared to analyst estimates of $662.22 million. During the same quarter last year, the firm posted ($0.67) earnings per share. The firm’s revenue was up 35.6% on a year-over-year basis. Research analysts predict that Snowflake Inc. will post -1.62 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays decreased their price target on Snowflake from $190.00 to $183.00 and set an “overweight” rating on the stock in a research report on Thursday, August 24th. JMP Securities decreased their price target on Snowflake from $215.00 to $200.00 in a research report on Thursday, May 25th. Wolfe Research cut shares of Snowflake from an “outperform” rating to a “peer perform” rating in a research report on Thursday, May 25th. JPMorgan Chase & Co. upped their price objective on shares of Snowflake from $155.00 to $180.00 in a research report on Wednesday, June 28th. Finally, Loop Capital decreased their price objective on shares of Snowflake from $200.00 to $195.00 in a research report on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $190.55.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 6,591 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $180.00, for a total value of $1,186,380.00. Following the completion of the sale, the insider now owns 41,955 shares of the company’s stock, valued at $7,551,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snowflake news, CEO Frank Slootman sold 20,834 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $188.40, for a total value of $3,925,125.60. Following the completion of the transaction, the chief executive officer now owns 185,683 shares in the company, valued at $34,982,677.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benoit Dageville sold 6,591 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $180.00, for a total value of $1,186,380.00. Following the completion of the transaction, the insider now owns 41,955 shares of the company’s stock, valued at approximately $7,551,900. The disclosure for this sale can be found here. Insiders sold 626,937 shares of company stock valued at $111,034,892 over the last quarter. 8.30% of the stock is owned by company insiders.

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.