Beaconlight Capital LLC Buys 34,863 Shares of Snowflake Inc. $SNOW

Beaconlight Capital LLC grew its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 190.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,180 shares of the company's stock after purchasing an additional 34,863 shares during the quarter. Snowflake comprises about 4.8% of Beaconlight Capital LLC's portfolio, making the stock its 4th biggest holding. Beaconlight Capital LLC's holdings in Snowflake were worth $13,534,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new stake in Snowflake during the 4th quarter worth approximately $28,000. Greenline Wealth Management LLC bought a new stake in Snowflake during the 4th quarter worth $29,000. Basecamp Wealth Advisors LLC increased its holdings in Snowflake by 140.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company's stock valued at $30,000 after purchasing an additional 118 shares during the period. Emerald Advisers LLC increased its position in Snowflake by 95.2% during the 1st quarter. Emerald Advisers LLC now owns 205 shares of the company's stock valued at $31,000 after purchasing an additional 100 shares during the period. Finally, MV Capital Management Inc. bought a new position in shares of Snowflake in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SNOW shares. Robert W. Baird boosted their price objective on Snowflake from $280.00 to $350.00 and gave the company an "outperform" rating in a report on Tuesday, August 25th. Needham & Company LLC raised their target price on Snowflake from $300.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. HSBC set a $289.00 target price on Snowflake and gave the company a "buy" rating in a research note on Friday, May 29th. UBS Group lifted their price objective on Snowflake from $370.00 to $425.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Finally, Truist Financial set a $360.00 price objective on Snowflake in a research note on Tuesday, August 25th. Thirty-four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $328.14.

Snowflake Stock Performance

Snowflake stock opened at $327.08 on Monday. 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 firm's fifty day moving average price is $287.74 and its 200-day moving average price is $215.28. Snowflake Inc. has a fifty-two week low of $118.30 and a fifty-two week high of $341.95. The stock has a market cap of $113.37 billion, a P/E ratio of -92.92 and a beta of 1.33.

Insiders Place Their Bets

In other Snowflake news, Director Michael L. Speiser sold 403 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $324.06, for a total value of $130,596.18. Following the transaction, the director owned 22,573 shares in the company, valued at approximately $7,315,006.38. The trade was a 1.75% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 25,000 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $110,623,175. This represents a 6.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,156,901 shares of company stock valued at $321,725,352 over the last three months. Insiders own 4.80% of the company's stock.

Snowflake 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.

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