Renaissance Technologies LLC Raises Stake in Snowflake Inc. (NYSE:SNOW)

Renaissance Technologies LLC lifted its position in shares of Snowflake Inc. (NYSE:SNOW) by 29.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 624,502 shares of the company’s stock after buying an additional 141,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.19% of Snowflake worth $84,364,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Accent Capital Management LLC acquired a new stake in shares of Snowflake in the fourth quarter worth approximately $25,000. LRI Investments LLC boosted its position in shares of Snowflake by 155.6% in 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 last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Snowflake in the second quarter worth approximately $27,000. Riverview Trust Co acquired a new stake in shares of Snowflake in the first quarter worth approximately $31,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Snowflake in the first quarter worth approximately $32,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNOW has been the topic of several research analyst reports. JMP Securities decreased their target price on shares of Snowflake from $235.00 to $190.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 22nd. TD Cowen reduced their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Wells Fargo & Company reduced their price target on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. Canaccord Genuity Group reduced their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, Mizuho reduced their price target on shares of Snowflake from $205.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $176.03.

Insider Activity

In other news, EVP Christian Kleinerman sold 1,535 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $125.93, for a total transaction of $193,302.55. Following the completion of the transaction, the executive vice president now owns 749,615 shares of the company’s stock, valued at $94,399,016.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Christian Kleinerman sold 1,535 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $125.93, for a total transaction of $193,302.55. Following the completion of the transaction, the executive vice president now owns 749,615 shares of the company’s stock, valued at $94,399,016.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 approximately $7,360,045.29. The disclosure for this sale can be found here. Over the last quarter, insiders sold 512,262 shares of company stock valued at $63,340,261. 7.80% of the stock is currently owned by company insiders.

Snowflake Price Performance

SNOW stock opened at $112.84 on Tuesday. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72. The firm has a fifty day moving average price of $122.92 and a two-hundred day moving average price of $140.94. The firm has a market cap of $37.82 billion, a price-to-earnings ratio of -40.30 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $868.80 million during the quarter, compared to analyst estimates of $851.72 million. During the same quarter in the previous year, the firm earned ($0.52) earnings per share. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, analysts expect that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

About Snowflake

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.