XTX Topco Ltd Makes New Investment in Snowflake Inc. (NYSE:SNOW)

XTX Topco Ltd bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,925 shares of the company’s stock, valued at approximately $3,772,000. Snowflake makes up 0.3% of XTX Topco Ltd’s investment portfolio, making the stock its 24th largest holding.

Several other hedge funds also recently made changes to their positions in the business. Swedbank AB acquired a new position in Snowflake in the first quarter valued at about $258,957,000. Vanguard Group Inc. raised its position in shares of Snowflake by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after buying an additional 1,559,830 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Snowflake during the 1st quarter worth approximately $171,608,000. Cibc World Markets Corp acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $147,120,000. Finally, Sands Capital Management LLC increased its stake in Snowflake by 12.6% in the fourth quarter. Sands Capital Management LLC now owns 5,443,406 shares of the company’s stock valued at $1,083,238,000 after acquiring an additional 610,970 shares during the last quarter. 65.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNOW. Jefferies Financial Group cut their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Evercore ISI dropped their price objective on Snowflake from $225.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $195.00 target price on shares of Snowflake in a research report on Monday, August 19th. The Goldman Sachs Group reissued a “buy” rating and issued a $220.00 target price on shares of Snowflake in a report on Monday, July 1st. Finally, Bank of America decreased their price target on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Snowflake Stock Performance

Shares of SNOW stock opened at $110.78 on Thursday. The company has a market cap of $37.09 billion, a P/E ratio of -39.56 and a beta of 0.83. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $237.72. The stock has a 50 day simple moving average of $121.87 and a two-hundred day simple moving average of $140.21.

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

Insider Transactions at Snowflake

In related news, insider Benoit Dageville sold 1,295 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was 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 approximately $7,360,045.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Benoit Dageville sold 1,295 shares of Snowflake stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.19, for a total value of $162,121.05. Following the completion of the sale, the insider now owns 58,791 shares of the company’s stock, valued at approximately $7,360,045.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Teresa Briggs sold 848 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $142.98, for a total transaction of $121,247.04. Following the transaction, the director now owns 4,247 shares in the company, valued at approximately $607,236.06. The disclosure for this sale can be found here. Insiders have sold 518,498 shares of company stock valued at $63,995,494 in the last 90 days. 7.80% of the stock is currently owned by corporate insiders.

Snowflake Company 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.