Point72 Asset Management L.P. Makes New $34.53 Million Investment in Snowflake Inc. (NYSE:SNOW)

Point72 Asset Management L.P. acquired a new position in Snowflake Inc. (NYSE:SNOW) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 150,600 shares of the company’s stock, valued at approximately $34,530,000. Point72 Asset Management L.P. owned 0.05% of Snowflake as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. ICONIQ Capital LLC raised its position in shares of Snowflake by 272.4% in the first quarter. ICONIQ Capital LLC now owns 32,989,621 shares of the company’s stock valued at $7,563,861,000 after purchasing an additional 24,131,611 shares during the period. Altimeter Capital Management LP raised its position in shares of Snowflake by 239.5% in the first quarter. Altimeter Capital Management LP now owns 32,221,080 shares of the company’s stock valued at $7,387,649,000 after purchasing an additional 22,729,505 shares during the period. Morgan Stanley raised its position in shares of Snowflake by 96.7% in the first quarter. Morgan Stanley now owns 12,747,746 shares of the company’s stock valued at $2,922,804,000 after purchasing an additional 6,266,942 shares during the period. SALESFORCE.COM Inc. raised its position in shares of Snowflake by 139.3% in the first quarter. SALESFORCE.COM Inc. now owns 4,985,061 shares of the company’s stock valued at $1,142,975,000 after purchasing an additional 2,901,728 shares during the period. Finally, Allianz Asset Management GmbH raised its position in shares of Snowflake by 530.8% in the first quarter. Allianz Asset Management GmbH now owns 1,596,446 shares of the company’s stock valued at $366,033,000 after purchasing an additional 1,343,347 shares during the period. 59.67% of the stock is currently owned by institutional investors and hedge funds.

Shares of Snowflake stock opened at $263.84 on Thursday. Snowflake Inc. has a 52-week low of $184.71 and a 52-week high of $429.00. The stock has a market cap of $78.12 billion and a PE ratio of -68.24. The firm has a fifty day simple moving average of $242.44.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Tuesday, May 25th. The company reported ($0.11) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.35. The firm had revenue of $228.91 million for the quarter, compared to the consensus estimate of $211.16 million. On average, analysts anticipate that Snowflake Inc. will post -2.24 EPS for the current year.

In related news, insider Benoit Dageville sold 100 shares of the company’s stock in a transaction on Tuesday, July 13th. The shares were sold at an average price of $275.00, for a total transaction of $27,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Teresa Briggs sold 15,000 shares of the company’s stock in a transaction on Friday, May 28th. The shares were sold at an average price of $240.34, for a total transaction of $3,605,100.00. Following the sale, the director now owns 151,852 shares of the company’s stock, valued at $36,496,109.68. The disclosure for this sale can be found here. Insiders have sold a total of 758,703 shares of company stock valued at $185,364,847 over the last quarter. 11.30% of the stock is currently owned by company insiders.

Several equities analysts recently commented on SNOW shares. Evercore ISI started coverage on shares of Snowflake in a research note on Friday, March 26th. They set an “outperform” rating and a $311.00 price objective for the company. Canaccord Genuity reduced their price objective on shares of Snowflake from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, May 27th. Needham & Company LLC started coverage on shares of Snowflake in a research note on Monday, May 3rd. They set a “hold” rating for the company. Rosenblatt Securities reduced their price objective on shares of Snowflake from $270.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, June 11th. Finally, Mizuho reduced their price objective on shares of Snowflake from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 13th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $279.74.

About Snowflake

Snowflake Inc provides cloud-based data platform in the United States and internationally. The company's platform offers Data Cloud, an ecosystem that enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data.

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Institutional Ownership by Quarter for Snowflake (NYSE:SNOW)

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