Malaga Cove Capital LLC Decreases Stock Position in Snowflake Inc. $SNOW

Malaga Cove Capital LLC cut its position in Snowflake Inc. (NYSE:SNOW) by 6.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm 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 quarter.

Other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company’s stock valued at $524,293,000 after purchasing an additional 650,775 shares in the last quarter. CenterBook Partners LP acquired a new stake in Snowflake in the 1st quarter valued at approximately $2,381,000. Berkshire Capital Holdings Inc. raised its holdings in shares of Snowflake by 71,500.0% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company’s stock valued at $1,047,000 after buying an additional 7,150 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Snowflake during the second quarter worth about $6,845,000. Finally, Lyell Wealth Management LP grew its stake in shares of Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company’s stock worth $8,870,000 after acquiring an additional 2,955 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 0.0%

Shares of Snowflake stock opened at $264.87 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a 1-year low of $119.66 and a 1-year high of $280.67. The business’s fifty day moving average price is $240.07 and its two-hundred day moving average price is $213.67. The company has a market capitalization of $89.74 billion, a P/E ratio of -63.82 and a beta of 1.23.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake’s quarterly revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. As a group, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Insider Buying and Selling

In other news, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the sale, the executive vice president owned 527,336 shares in the company, valued at $123,132,956. The trade was a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the completion of the sale, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 880,647 shares of company stock worth $203,522,973. Company insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on SNOW shares. BTIG Research lifted their price target on shares of Snowflake from $235.00 to $276.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Raymond James Financial upped their target price on Snowflake from $212.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Scotiabank lifted their price objective on Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Robert W. Baird increased their target price on Snowflake from $215.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, Royal Bank Of Canada raised their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.95.

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.