Caxton Associates LLP Makes New Investment in Snowflake Inc. $SNOW

Caxton Associates LLP bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 41,495 shares of the company’s stock, valued at approximately $9,285,000.

A number of other large investors have also made changes to their positions in the stock. Kingstone Capital Partners Texas LLC purchased a new position in Snowflake during the second quarter worth approximately $3,900,134,000. Norges Bank purchased a new position in shares of Snowflake during the 2nd quarter worth $944,895,000. Winslow Capital Management LLC acquired a new position in shares of Snowflake during the 2nd quarter valued at about $725,667,000. AQR Capital Management LLC grew its holdings in shares of Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company’s stock valued at $456,430,000 after purchasing an additional 2,460,769 shares during the period. Finally, Jennison Associates LLC increased its position in Snowflake by 20.5% during the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock worth $1,790,309,000 after purchasing an additional 1,363,389 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SNOW shares. KeyCorp boosted their target price on shares of Snowflake from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Bank of America upped their price objective on Snowflake from $280.00 to $310.00 and gave the company a “buy” rating in a report on Monday, November 17th. Robert W. Baird increased their price objective on Snowflake from $260.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, December 4th. Morgan Stanley lifted their target price on Snowflake from $272.00 to $299.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Snowflake in a research note on Friday, November 21st. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $274.78.

Snowflake Stock Down 1.2%

NYSE:SNOW opened at $217.95 on Friday. Snowflake Inc. has a 52 week low of $120.10 and a 52 week high of $280.67. The stock’s fifty day moving average is $250.24 and its two-hundred day moving average is $227.34. The stock has a market capitalization of $73.84 billion, a price-to-earnings ratio of -53.95 and a beta of 1.09. The company has a quick ratio of 1.48, a current ratio of 1.37 and a debt-to-equity ratio of 1.07.

Snowflake (NYSE:SNOW) last posted its quarterly earnings data on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the business earned $0.20 EPS. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. Research analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Frank Slootman sold 1,993 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $223.31, for a total transaction of $445,056.83. Following the sale, the director owned 150,456 shares of the company’s stock, valued at approximately $33,598,329.36. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Speiser sold 403 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $230.65, for a total transaction of $92,951.95. Following the completion of the transaction, the director directly owned 24,524 shares of the company’s stock, valued at approximately $5,656,460.60. The trade was a 1.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 221,360 shares of company stock worth $53,391,315 over the last three months. Company insiders own 6.80% of the company’s stock.

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.