Maytus Capital Management LLC Increases Stock Holdings in Snowflake Inc. $SNOW

Maytus Capital Management LLC raised its stake in Snowflake Inc. (NYSE:SNOW) by 30.5% during the 4th quarter, HoldingsChannel reports. The firm owned 42,000 shares of the company’s stock after acquiring an additional 9,808 shares during the period. Snowflake accounts for 2.2% of Maytus Capital Management LLC’s portfolio, making the stock its 12th biggest position. Maytus Capital Management LLC’s holdings in Snowflake were worth $9,213,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SNOW. Norges Bank purchased a new position in shares of Snowflake in the 4th quarter valued at approximately $974,091,000. Jennison Associates LLC lifted its holdings in shares of Snowflake by 27.7% in the 4th quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after buying an additional 2,519,413 shares during the period. Coatue Management LLC acquired a new stake in shares of Snowflake in the 3rd quarter valued at approximately $441,277,000. American Century Companies Inc. lifted its holdings in shares of Snowflake by 233.3% in the 3rd quarter. American Century Companies Inc. now owns 2,104,925 shares of the company’s stock valued at $474,766,000 after buying an additional 1,473,354 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Snowflake by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after buying an additional 1,448,094 shares during the period. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Performance

Snowflake stock opened at $239.11 on Wednesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day moving average of $177.16 and a two-hundred day moving average of $189.71. The company has a market capitalization of $82.87 billion, a price-to-earnings ratio of -67.93 and a beta of 1.35. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $284.99.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.Snowflake’s revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 earnings per share. On average, analysts anticipate that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SNOW shares. DA Davidson raised their price target on Snowflake from $250.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Cantor Fitzgerald raised their price target on Snowflake from $225.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Oppenheimer raised their price target on Snowflake from $250.00 to $295.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. Rosenblatt Securities raised their price target on Snowflake from $275.00 to $285.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, Monness Crespi & Hardt raised their price target on Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $291.77.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 100,000 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $250.00, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director owned 8,801 shares of the company’s stock, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael L. Speiser sold 50,338 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $148.21, for a total value of $7,460,594.98. Following the transaction, the director directly owned 29,396 shares of the company’s stock, valued at $4,356,781.16. The trade was a 63.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,489,989 shares of company stock valued at $341,929,050. Corporate insiders own 4.80% of the company’s stock.

Snowflake Company Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.