Point72 DIFC Ltd Buys New Holdings in Snowflake Inc. (NYSE:SNOW)

Point72 DIFC Ltd bought a new stake in Snowflake Inc. (NYSE:SNOW) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 98,138 shares of the company’s stock, valued at approximately $13,257,000. Snowflake makes up approximately 0.5% of Point72 DIFC Ltd’s investment portfolio, making the stock its 22nd biggest position.

A number of other large investors have also modified their holdings of SNOW. Swedbank AB acquired a new position in shares of Snowflake in the first quarter valued at $258,957,000. Vanguard Group Inc. grew its position in Snowflake by 8.0% in the fourth quarter. Vanguard Group Inc. now owns 20,988,720 shares of the company’s stock valued at $4,176,755,000 after acquiring an additional 1,559,830 shares during the period. Vaughan Nelson Investment Management L.P. bought a new stake in Snowflake in the first quarter valued at $171,608,000. Cibc World Markets Corp bought a new stake in Snowflake in the fourth quarter valued at $147,120,000. Finally, Sands Capital Management LLC grew its position 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 period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Price Performance

NYSE SNOW opened at $113.25 on Tuesday. The firm has a market cap of $37.92 billion, a P/E ratio of -40.45 and a beta of 0.83. The stock’s 50-day moving average is $120.46 and its 200-day moving average is $138.78. Snowflake Inc. has a one year low of $107.13 and a one year high of $237.72.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on SNOW shares. UBS Group lowered their price target on Snowflake from $171.00 to $155.00 and set a “neutral” rating on the stock in a research report on Monday, August 19th. Scotiabank decreased their target price on Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. Wedbush decreased their target price on Snowflake from $210.00 to $140.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Evercore ISI decreased their target price on Snowflake from $225.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Bank of America decreased their target price on Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Snowflake has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

Insider Buying and Selling

In related news, insider Benoit Dageville sold 1,946 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the transaction, the insider now directly owns 53,820 shares in the company, valued at $6,156,469.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Snowflake news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $142.98, for a total value of $121,247.04. Following the completion of the transaction, the director now directly owns 4,247 shares in the company, valued at $607,236.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the transaction, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,083 shares of company stock worth $6,089,392. 7.80% of the stock is 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.