Glynn Capital Management LLC Cuts Stock Position in CoreWeave Inc. $CRWV

Key Points

• Glynn Capital Management reduced its CoreWeave position by 8.7% in the third quarter, selling 12,732 shares and retaining 133,275 shares valued at approximately $11.6 million.
• CoreWeave shares opened at $91.72, up 5.0%, while the company reported quarterly revenue of $2.58 billion, a 112.5% year-over-year increase, and an adjusted earnings loss that beat analysts’ expectations.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $138.78, although insiders sold $509.9 million of stock over the past three months and the company carries a high debt-to-equity ratio of 5.53.

Glynn Capital Management LLC lessened its holdings in CoreWeave Inc. (NASDAQ:CRWV - Free Report) by 8.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 133,275 shares of the company's stock after selling 12,732 shares during the period. CoreWeave accounts for about 3.4% of Glynn Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. Glynn Capital Management LLC's holdings in CoreWeave were worth $11,611,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its holdings in CoreWeave by 241.1% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 307 shares of the company's stock worth $27,000 after purchasing an additional 217 shares during the last quarter. Polaris Financial Partners acquired a new position in CoreWeave during the third quarter valued at approximately $56,000. CX Institutional bought a new position in shares of CoreWeave in the third quarter valued at approximately $138,000. Versant Capital Management Inc raised its position in shares of CoreWeave by 11,500.0% in the third quarter. Versant Capital Management Inc now owns 1,276 shares of the company's stock valued at $111,000 after purchasing an additional 1,265 shares during the period. Finally, Doliver Advisors LP acquired a new stake in shares of CoreWeave in the third quarter worth $364,000.

CoreWeave Trading Up 5.0%

Shares of CoreWeave stock opened at $91.72 on Wednesday. CoreWeave Inc. has a 1 year low of $60.55 and a 1 year high of $153.20. The company's fifty day simple moving average is $87.87 and its 200-day simple moving average is $94.82. The company has a market cap of $42.09 billion, a price-to-earnings ratio of -25.13 and a beta of 7.36. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 5.53.

CoreWeave (NASDAQ:CRWV - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.14) earnings per share for the quarter, beating analysts' consensus estimates of ($1.52) by $0.38. The firm had revenue of $2.58 billion during the quarter. CoreWeave had a negative net margin of 25.41% and a negative return on equity of 47.95%. CoreWeave's revenue for the quarter was up 112.5% on a year-over-year basis. During the same period last year, the company earned ($0.27) earnings per share. As a group, sell-side analysts expect that CoreWeave Inc. will post -5.19 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on CRWV. Piper Sandler reaffirmed an "overweight" rating and set a $153.00 price objective (up from $151.00) on shares of CoreWeave in a report on Wednesday, August 12th. Roth Capital set a $145.00 target price on shares of CoreWeave in a report on Thursday, August 13th. The Goldman Sachs Group boosted their target price on shares of CoreWeave from $121.00 to $139.00 and gave the stock a "neutral" rating in a research report on Friday, August 21st. Mizuho upped their price target on shares of CoreWeave from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, August 12th. Finally, Barclays upped their price target on shares of CoreWeave from $90.00 to $105.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Twenty-three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $138.78.

Insider Activity at CoreWeave

In related news, CFO Nitin Agrawal sold 55,764 shares of CoreWeave stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $86.83, for a total transaction of $4,841,988.12. Following the sale, the chief financial officer directly owned 132,596 shares of the company's stock, valued at $11,513,310.68. This trade represents a 29.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brannin Mcbee sold 56,531 shares of the business's stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $87.69, for a total value of $4,957,203.39. Following the transaction, the insider owned 392,279 shares in the company, valued at $34,398,945.51. This represents a 12.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 5,850,308 shares of company stock worth $509,880,624 in the last three months. Corporate insiders own 24.20% of the company's stock.

CoreWeave Company Profile

CoreWeave, Inc is a specialized cloud computing provider focused on infrastructure for artificial intelligence, machine learning and other data-intensive workloads. The company offers access to accelerated computing resources, including graphics processing units (GPUs), alongside central processing units, high-performance storage, networking and data center capacity.

Its platform supports AI model training, fine-tuning and inference, as well as visual effects, rendering, scientific computing and other demanding applications.

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