AQR Capital Management LLC Has $802.02 Million Stake in Snowflake Inc. $SNOW

AQR Capital Management LLC increased its stake in Snowflake Inc. (NYSE:SNOW) by 13.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,584,128 shares of the company’s stock after purchasing an additional 412,493 shares during the quarter. Snowflake comprises about 0.7% of AQR Capital Management LLC’s holdings, making the stock its 10th largest position. AQR Capital Management LLC owned 1.07% of Snowflake worth $802,020,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of SNOW. PDT Partners LLC grew its position in Snowflake by 652.2% during the second quarter. PDT Partners LLC now owns 24,823 shares of the company’s stock worth $5,555,000 after buying an additional 21,523 shares in the last quarter. QVT Financial LP bought a new position in shares of Snowflake during the 2nd quarter valued at about $216,000. Scge Management L.P. purchased a new position in shares of Snowflake during the 2nd quarter valued at about $140,528,000. California State Teachers Retirement System raised its stake in shares of Snowflake by 6.5% during the second quarter. California State Teachers Retirement System now owns 494,023 shares of the company’s stock worth $110,548,000 after acquiring an additional 30,129 shares in the last quarter. Finally, Raymond James Financial Inc. raised its position in Snowflake by 23.7% in the 2nd quarter. Raymond James Financial Inc. now owns 473,588 shares of the company’s stock worth $105,975,000 after purchasing an additional 90,814 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SNOW. JPMorgan Chase & Co. increased their target price on Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. UBS Group reiterated a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. Deutsche Bank Aktiengesellschaft increased their price objective on Snowflake from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, December 4th. Rosenblatt Securities lifted their target price on shares of Snowflake from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Finally, Canaccord Genuity Group upped their price target on shares of Snowflake from $260.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $274.78.

Insiders Place Their Bets

In other news, SVP Vivek Raghunathan sold 11,801 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the sale, the senior vice president owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This trade represents a 4.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $257.30, for a total value of $12,951,967.40. Following the completion of the transaction, the director owned 33,596 shares in the company, valued at approximately $8,644,250.80. This trade represents a 59.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 221,360 shares of company stock valued at $53,391,315. Company insiders own 6.80% of the company’s stock.

Snowflake Price Performance

SNOW stock opened at $217.95 on Friday. Snowflake Inc. has a 1 year low of $120.10 and a 1 year high of $280.67. The firm has a 50-day moving average of $250.24 and a 200 day moving average of $227.20. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.37 and a quick ratio of 1.48. The company has a market cap of $73.84 billion, a P/E ratio of -53.95 and a beta of 1.09.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.18 billion. Snowflake had a negative net margin of 30.76% and a negative return on equity of 45.91%. Snowflake’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period last year, the business earned $0.20 EPS. On average, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

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.