Boothbay Fund Management LLC Increases Stake in Snowflake Inc. $SNOW

Key Points

• Boothbay Fund Management LLC increased its stake in Snowflake Inc. by 98.1% during the first quarter, owning 47,667 shares valued at approximately $6.97 million after acquiring an additional 23,600 shares.
• Snowflake's Director, Frank Slootman, sold 710,083 shares, resulting in an 81.10% decrease in his ownership, while corporate insiders have sold a total of 3.22 million shares recently.
• Analysts have issued positive ratings for Snowflake, with target prices raised by Morgan Stanley, JPMorgan Chase & Co., and Raymond James Financial, reflecting a consensus average target price of roughly $255.53.

Boothbay Fund Management LLC boosted its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 98.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,667 shares of the company's stock after acquiring an additional 23,600 shares during the period. Boothbay Fund Management LLC's holdings in Snowflake were worth $6,967,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Opal Wealth Advisors LLC acquired a new stake in Snowflake during the first quarter worth about $26,000. CVA Family Office LLC grew its stake in shares of Snowflake by 80.0% in the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the period. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Capital A Wealth Management LLC purchased a new stake in shares of Snowflake during the 4th quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC raised its position in shares of Snowflake by 748.0% during the 1st quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after buying an additional 187 shares during the period. Institutional investors and hedge funds own 65.10% of the company's stock.

Insider Transactions at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the sale, the director owned 165,507 shares of the company's stock, valued at approximately $38,144,398.29. This trade represents a 81.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 3,216,909 shares of company stock valued at $717,287,181 over the last three months. Corporate insiders own 6.80% of the company's stock.

Snowflake Stock Performance

NYSE:SNOW opened at $229.21 on Thursday. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $249.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a market capitalization of $76.53 billion, a PE ratio of -55.23 and a beta of 1.22. The business's fifty day moving average price is $212.27 and its 200 day moving average price is $186.83.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the business earned $0.18 EPS. Snowflake's revenue for the quarter was up 31.8% on a year-over-year basis. On average, sell-side analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley raised their target price on Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on shares of Snowflake from $225.00 to $255.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Raymond James Financial boosted their price target on shares of Snowflake from $212.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. DA Davidson reiterated a "buy" rating and issued a $250.00 target price on shares of Snowflake in a report on Monday, August 25th. Finally, CICC Research began coverage on Snowflake in a research report on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $255.53.

Snowflake Company Profile

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.

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