Corton Capital Inc. Buys New Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Corton Capital Inc. has made a new investment in Snowflake Inc. by purchasing 1,597 shares valued at approximately $233,000.
• Snowflake's stock price reached $219.55, with a one-year range between $107.13 and $226.60, and currently has a market capitalization of $73.30 billion.
• Despite a negative net margin of 36.43%, Snowflake reported a 25.8% increase in quarterly revenue compared to the same quarter last year, totaling $1.04 billion.

Corton Capital Inc. purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,597 shares of the company's stock, valued at approximately $233,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC acquired a new position in shares of Snowflake in the 1st quarter valued at about $26,000. CVA Family Office LLC lifted its position in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after acquiring an additional 88 shares in the last quarter. West Paces Advisors Inc. acquired a new position in Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new position in Snowflake during the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC acquired a new position in Snowflake during the 4th quarter worth approximately $31,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Stock Performance

SNOW traded down $0.77 during trading on Monday, reaching $218.74. 3,441,262 shares of the company were exchanged, compared to its average volume of 3,022,604. The stock has a market cap of $73.03 billion, a P/E ratio of -51.96 and a beta of 1.22. The firm has a 50 day moving average of $211.83 and a 200 day moving average of $181.48. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $226.60.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm's quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $221.47, for a total transaction of $89,252.41. Following the transaction, the director directly owned 26,539 shares of the company's stock, valued at approximately $5,877,592.33. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Slootman sold 100,483 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $223.55, for a total value of $22,462,974.65. Following the transaction, the director directly owned 165,507 shares in the company, valued at $36,999,089.85. The trade was a 37.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,708,258 shares of company stock valued at $588,162,906. 6.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. CICC Research assumed coverage on Snowflake in a research report on Friday, June 20th. They set an "outperform" rating and a $225.00 price target on the stock. Sanford C. Bernstein reissued a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Raymond James Financial reissued an "outperform" rating and set a $212.00 price target (up from $196.00) on shares of Snowflake in a research report on Thursday, May 22nd. Daiwa Capital Markets began coverage on Snowflake in a research report on Tuesday, April 1st. They set a "buy" rating and a $210.00 price target on the stock. Finally, Loop Capital upped their target price on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Snowflake has a consensus rating of "Moderate Buy" and an average target price of $226.73.

Snowflake 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.