Snowflake Inc. $SNOW Position Trimmed by Malaga Cove Capital LLC

Malaga Cove Capital LLC cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 6.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,462 shares of the company’s stock after selling 223 shares during the period. Malaga Cove Capital LLC’s holdings in Snowflake were worth $775,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNOW. Modera Wealth Management LLC boosted its position in Snowflake by 6.2% during the second quarter. Modera Wealth Management LLC now owns 2,534 shares of the company’s stock valued at $567,000 after purchasing an additional 149 shares during the last quarter. Golden State Wealth Management LLC increased its stake in shares of Snowflake by 417.2% during the 2nd quarter. Golden State Wealth Management LLC now owns 150 shares of the company’s stock worth $34,000 after purchasing an additional 121 shares during the last quarter. Andra AP fonden raised its holdings in shares of Snowflake by 34.2% during the 2nd quarter. Andra AP fonden now owns 62,445 shares of the company’s stock valued at $13,973,000 after purchasing an additional 15,900 shares in the last quarter. Trivest Advisors Ltd acquired a new stake in shares of Snowflake in the 2nd quarter valued at $48,111,000. Finally, Resona Asset Management Co. Ltd. increased its position in Snowflake by 10.4% during the second quarter. Resona Asset Management Co. Ltd. now owns 99,222 shares of the company’s stock worth $22,189,000 after buying an additional 9,373 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Trading Up 0.0%

Shares of SNOW stock opened at $264.87 on Friday. The stock has a market cap of $89.74 billion, a price-to-earnings ratio of -63.82 and a beta of 1.23. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a 52-week low of $119.66 and a 52-week high of $280.67. The firm has a fifty day moving average of $240.07 and a 200-day moving average of $213.67.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The company’s revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. On average, equities research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several recent analyst reports. Piper Sandler upped their price target on Snowflake from $215.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. KeyCorp increased their price target on Snowflake from $250.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Bank of America upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $220.00 to $240.00 in a research note on Wednesday, August 20th. Sanford C. Bernstein raised their target price on shares of Snowflake from $191.00 to $221.00 and gave the company a “market perform” rating in a research note on Thursday, August 28th. Finally, Scotiabank boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Snowflake currently has a consensus rating of “Moderate Buy” and an average price target of $258.95.

Insider Activity

In other news, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director directly owned 165,507 shares of the company’s stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total value of $2,335,000.00. Following the sale, the executive vice president owned 527,336 shares in the company, valued at approximately $123,132,956. This trade represents a 1.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 880,647 shares of company stock valued at $203,522,973 in the last ninety days. 6.80% 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.