Snowflake Inc. $SNOW Shares Sold by Morangie Management LLC

Morangie Management LLC reduced its stake in shares of Snowflake Inc. (NYSE:SNOW) by 24.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,067 shares of the company’s stock after selling 2,877 shares during the quarter. Snowflake comprises approximately 2.5% of Morangie Management LLC’s holdings, making the stock its 14th largest position. Morangie Management LLC’s holdings in Snowflake were worth $3,079,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jericho Capital Asset Management L.P. bought a new position in shares of Snowflake during the fourth quarter worth $345,619,000. Pictet Asset Management Holding SA grew its stake in Snowflake by 44.7% during the first quarter. Pictet Asset Management Holding SA now owns 2,600,571 shares of the company’s stock valued at $392,259,000 after acquiring an additional 803,110 shares in the last quarter. OMERS ADMINISTRATION Corp increased its holdings in Snowflake by 4,284.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 696,278 shares of the company’s stock valued at $105,013,000 after acquiring an additional 680,397 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Snowflake by 22.2% in the 1st quarter. Janus Henderson Group PLC now owns 2,997,385 shares of the company’s stock valued at $452,014,000 after acquiring an additional 544,960 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in Snowflake by 76.9% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company’s stock valued at $176,736,000 after acquiring an additional 509,230 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling

In other Snowflake news, Director Mark Garrett sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $350.00, for a total transaction of $17,500,000.00. Following the completion of the transaction, the director directly owned 10,074 shares of the company’s stock, valued at approximately $3,525,900. This trade represents a 83.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Christian Kleinerman sold 25,000 shares of Snowflake stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $325.00, for a total value of $8,125,000.00. Following the transaction, the executive vice president owned 340,379 shares of the company’s stock, valued at approximately $110,623,175. This represents a 6.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,246,429 shares of company stock worth $396,227,952 over the last ninety days. 4.80% of the stock is currently owned by company insiders.

Snowflake Stock Performance

Shares of NYSE:SNOW opened at $335.81 on Friday. The firm has a fifty day simple moving average of $333.72 and a two-hundred day simple moving average of $254.53. Snowflake Inc. has a 52 week low of $118.30 and a 52 week high of $384.56. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $118.47 billion, a P/E ratio of -105.60 and a beta of 1.35.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.17. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Snowflake had a negative net margin of 20.07% and a negative return on equity of 46.32%. The business’s revenue was up 35.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. On average, analysts expect that Snowflake Inc. will post -1.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SNOW has been the subject of several research reports. Piper Sandler reissued an “overweight” rating and set a $450.00 price objective (up from $320.00) on shares of Snowflake in a report on Thursday, September 3rd. KeyCorp raised their price objective on Snowflake from $285.00 to $325.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snowflake in a report on Tuesday, September 8th. Benchmark boosted their target price on Snowflake from $290.00 to $360.00 and gave the stock a “buy” rating in a research report on Tuesday, August 25th. Finally, Morgan Stanley boosted their target price on Snowflake from $300.00 to $470.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Thirty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average target price of $414.24.

About Snowflake

Snowflake Inc (NYSE: SNOW) provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake’s services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.