Context Capital Management LLC Buys 48,600 Shares of Snowflake Inc. $SNOW

Context Capital Management LLC bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,600 shares of the company’s stock, valued at approximately $16,503,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in shares of Snowflake by 22.2% in the 1st quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company’s stock valued at $452,014,000 after buying an additional 544,960 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its stake in Snowflake by 76.9% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company’s stock worth $176,736,000 after acquiring an additional 509,230 shares during the period. Swiss National Bank raised its stake in Snowflake by 7.1% during the first quarter. Swiss National Bank now owns 944,600 shares of the company’s stock worth $142,465,000 after acquiring an additional 62,600 shares during the period. Assenagon Asset Management S.A. raised its stake in Snowflake by 134.5% during the third quarter. Assenagon Asset Management S.A. now owns 790,291 shares of the company’s stock worth $268,351,000 after acquiring an additional 453,342 shares during the period. Finally, CI Investments Inc. lifted its holdings in Snowflake by 34.6% in the first quarter. CI Investments Inc. now owns 720,810 shares of the company’s stock worth $108,713,000 after acquiring an additional 185,261 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CRO Jonathan Beaulier sold 755 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $336.36, for a total value of $253,951.80. Following the completion of the transaction, the executive directly owned 211,619 shares of the company’s stock, valued at $71,180,166.84. This represents a 0.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank Slootman sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $316.43, for a total value of $94,929,000.00. Following the completion of the sale, the director owned 19,024 shares in the company, valued at approximately $6,019,764.32. This represents a 94.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,186,443 shares of company stock worth $387,734,752. 4.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Raymond James Financial lifted their target price on Snowflake from $275.00 to $425.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. The Goldman Sachs Group upped their target price on Snowflake from $300.00 to $436.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. JPMorgan Chase & Co. increased their price target on Snowflake from $285.00 to $426.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Bank of America raised their price target on Snowflake from $330.00 to $395.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Finally, Oppenheimer raised their price target on Snowflake from $400.00 to $475.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Thirty-six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $413.87.

Trending Headlines about Snowflake

Here are the key news stories impacting Snowflake this week:

• Positive Sentiment: Supply-chain software provider project44 is using Snowflake to turn supply-chain data into AI-powered decisions, offering a customer example of the platform’s AI use cases. Article: project44 Turns Supply Chain Data Into AI-Powered Decisions with Snowflake
• Positive Sentiment: A fund with about $4.7 billion under management reported a new Snowflake stake in its latest 13F filing. The disclosure may signal institutional interest, though the position was reported as of June 30. Article: A $4.7 Billion Fund Bought These 3 Stocks
• Neutral Sentiment: Snowflake shares advanced even as the market declined, but the market recap offered no specific explanation for the outperformance. Article: Why the Market Dipped But Snowflake Gained
• Negative Sentiment: Director Michael Speiser reported selling Snowflake shares on Nov. 6, including a large sale. The transactions were made under a pre-arranged Rule 10b5-1 plan, which can make the sales less indicative of a fresh view on the company.
• Negative Sentiment: Snowflake remains more than 20% below its September high, and investors will look to its Dec. 2 earnings report for evidence that AI-related growth is holding up. Commentary also flags its lack of consistent profitability and high valuation as risks. Article: Snowflake Is 20% Off Its September High

Snowflake Trading Up 1.7%

Shares of NYSE:SNOW opened at $295.95 on Wednesday. The company has a market cap of $104.41 billion, a PE ratio of -93.07 and a beta of 1.32. The company’s 50-day moving average price is $326.53 and its 200 day moving average price is $242.50. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $384.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.17. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business posted $0.35 EPS. Snowflake’s revenue was up 35.1% on a year-over-year basis. Sell-side analysts anticipate that Snowflake Inc. will post -1.42 earnings per share for the current year.

Snowflake Profile

Snowflake Inc. provides a cloud-based data platform that helps organizations store, process, analyze and share data. Its platform brings together capabilities for data warehousing, data engineering, analytics, application development and artificial intelligence, and supports data sharing through its marketplace and other services. Snowflake’s platform runs across major cloud providers, including Amazon Web Services, Microsoft Azure and Google Cloud. The company serves customers in multiple industries and geographies, offering tools to work with data across cloud environments.