Quantbot Technologies LP Grows Stock Position in Snowflake Inc. (NYSE:SNOW)

Quantbot Technologies LP boosted its position in Snowflake Inc. (NYSE:SNOW) by 599.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,718 shares of the company’s stock after buying an additional 67,457 shares during the period. Snowflake makes up about 0.5% of Quantbot Technologies LP’s holdings, making the stock its 17th biggest position. Quantbot Technologies LP’s holdings in Snowflake were worth $10,634,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SNOW. Accent Capital Management LLC acquired a new position in Snowflake during the 4th quarter worth approximately $25,000. LRI Investments LLC grew its holdings in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 112 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Snowflake in the second quarter worth $27,000. Riverview Trust Co acquired a new stake in Snowflake in the first quarter valued at $31,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Snowflake during the 1st quarter worth $32,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other news, insider Benoit Dageville sold 1,295 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.19, for a total transaction of $162,121.05. Following the transaction, the insider now directly owns 58,791 shares of the company’s stock, valued at $7,360,045.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Frank Slootman sold 1,606 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now directly owns 218,246 shares of the company’s stock, valued at $23,998,330.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benoit Dageville sold 1,295 shares of Snowflake stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the transaction, the insider now owns 58,791 shares of the company’s stock, valued at approximately $7,360,045.29. The disclosure for this sale can be found here. Insiders have sold 512,262 shares of company stock valued at $63,340,261 over the last three months. 7.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNOW has been the subject of several recent analyst reports. Sanford C. Bernstein raised their price objective on shares of Snowflake from $171.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday, May 23rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $195.00 price objective on shares of Snowflake in a research note on Monday, August 19th. Piper Sandler restated an “overweight” rating and issued a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and increased their price objective for the company from $119.00 to $121.00 in a research note on Friday, August 23rd. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $175.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Two investment 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 MarketBeat.com, Snowflake has an average rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Stock Performance

SNOW opened at $113.67 on Monday. The company has a market cap of $38.10 billion, a PE ratio of -40.60 and a beta of 0.83. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a 50 day moving average price of $123.48 and a 200 day moving average price of $141.48.

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