Cinctive Capital Management LP Makes New $12.50 Million Investment in Snowflake Inc. (NYSE:SNOW)

Cinctive Capital Management LP bought a new stake in Snowflake Inc. (NYSE:SNOW) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 108,836 shares of the company’s stock, valued at approximately $12,501,000.

A number of other institutional investors and hedge funds also recently modified their holdings of SNOW. LRI Investments LLC raised its stake in shares of Snowflake by 155.6% during the 2nd quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares during the period. Wellington Shields Capital Management LLC bought a new stake in Snowflake in the second quarter worth about $27,000. V Square Quantitative Management LLC purchased a new position in Snowflake in the third quarter valued at about $30,000. Fortitude Family Office LLC bought a new position in shares of Snowflake during the 3rd quarter valued at approximately $34,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Snowflake during the 2nd quarter worth approximately $39,000. 65.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SNOW shares. StockNews.com downgraded Snowflake from a “hold” rating to a “sell” rating in a research note on Thursday. Argus assumed coverage on Snowflake in a research report on Tuesday, October 1st. They set a “hold” rating on the stock. Robert W. Baird decreased their price objective on Snowflake from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Scotiabank dropped their price objective on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 22nd. Finally, Needham & Company LLC lifted their target price on shares of Snowflake from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $181.09.

Insider Activity at Snowflake

In other news, CAO Emily Ho sold 2,021 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $173.68, for a total value of $351,007.28. Following the completion of the sale, the chief accounting officer now owns 26,874 shares of the company’s stock, valued at approximately $4,667,476.32. This represents a 6.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Christopher William Degnan sold 76,692 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $168.42, for a total transaction of $12,916,466.64. Following the transaction, the executive now directly owns 346,741 shares in the company, valued at approximately $58,398,119.22. This represents a 18.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 204,661 shares of company stock valued at $32,004,752. Corporate insiders own 7.80% of the company’s stock.

Snowflake Stock Up 0.6 %

NYSE SNOW opened at $174.80 on Monday. The stock’s 50-day simple moving average is $126.17 and its two-hundred day simple moving average is $128.27. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72. The company has a market capitalization of $58.59 billion, a price-to-earnings ratio of -51.56 and a beta of 0.83.

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.