Snowflake Inc. (NYSE:SNOW) Stock Holdings Lifted by Malaga Cove Capital LLC

Malaga Cove Capital LLC raised its position in shares of Snowflake Inc. (NYSE:SNOW) by 44.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,457 shares of the company’s stock after purchasing an additional 2,295 shares during the period. Malaga Cove Capital LLC’s holdings in Snowflake were worth $857,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in Snowflake by 10.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,725 shares of the company’s stock worth $279,000 after purchasing an additional 170 shares in the last quarter. Norden Group LLC bought a new stake in shares of Snowflake during the 1st quarter worth about $336,000. Janney Montgomery Scott LLC increased its holdings in shares of Snowflake by 2.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 34,315 shares of the company’s stock valued at $5,545,000 after acquiring an additional 786 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Snowflake by 1.9% in the 1st quarter. Nordea Investment Management AB now owns 26,854 shares of the company’s stock valued at $4,368,000 after acquiring an additional 493 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its holdings in Snowflake by 7.9% in the 1st quarter. Rehmann Capital Advisory Group now owns 1,655 shares of the company’s stock worth $267,000 after purchasing an additional 121 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Trading Up 4.2 %

Shares of Snowflake stock opened at $121.39 on Thursday. The stock has a market capitalization of $40.69 billion, a price-to-earnings ratio of -39.67 and a beta of 0.83. The firm’s 50-day moving average price is $114.63 and its two-hundred day moving average price is $129.94. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The business had revenue of $868.80 million for the quarter, compared to analyst estimates of $851.72 million. During the same period in the prior year, the company earned ($0.52) EPS. Snowflake’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, equities research analysts predict that Snowflake Inc. will post -2.41 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on SNOW shares. UBS Group lowered their price target on Snowflake from $155.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Wells Fargo & Company dropped their target price on shares of Snowflake from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Stifel Nicolaus decreased their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a report on Monday, August 19th. Needham & Company LLC dropped their price objective on Snowflake from $210.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, DA Davidson reissued a “buy” rating and set a $175.00 price objective on shares of Snowflake in a research report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.17.

Insider Activity

In related news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the transaction, the director now owns 218,246 shares in the company, valued at $23,998,330.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Frank Slootman sold 1,606 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $176,595.76. Following the completion of the sale, the director now owns 218,246 shares of the company’s stock, valued at $23,998,330.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the transaction, the executive vice president now directly owns 721,755 shares in the company, valued at approximately $86,610,600. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,538 shares of company stock worth $5,249,994. 7.80% of the stock is owned by corporate insiders.

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.