KG&L Capital Management LLC Trims Position in Snowflake Inc. $SNOW

Key Points

• KG&L Capital Management LLC reduced its stake in Snowflake Inc. by 55.4% in the 2nd quarter, selling 7,262 shares to hold 5,852 shares valued at approximately $1.31 million.
• Multiple large investors have recently increased their positions in Snowflake, with notable purchases from Kingstone Capital Partners and AQR Capital Management.
• Several analysts have recently raised their price targets for Snowflake, with the consensus target price now at $255.53 and a predominance of "Buy" ratings from research firms.

KG&L Capital Management LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 55.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,852 shares of the company's stock after selling 7,262 shares during the period. KG&L Capital Management LLC's holdings in Snowflake were worth $1,310,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SNOW. Kingstone Capital Partners Texas LLC purchased a new position in Snowflake during the second quarter worth approximately $3,900,134,000. Nuveen LLC purchased a new stake in Snowflake during the 1st quarter worth $555,847,000. AQR Capital Management LLC increased its stake in Snowflake by 346.2% during the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock worth $456,430,000 after buying an additional 2,460,769 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Snowflake by 19.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock worth $691,693,000 after buying an additional 763,673 shares during the period. Finally, Amundi increased its position in shares of Snowflake by 72.7% in the 1st quarter. Amundi now owns 1,808,250 shares of the company's stock worth $252,974,000 after purchasing an additional 760,923 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on SNOW. Royal Bank Of Canada lifted their price target on shares of Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Raymond James Financial boosted their target price 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. Canaccord Genuity Group boosted their target price on shares of Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, UBS Group boosted their target price on shares of Snowflake from $250.00 to $285.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Trading Up 1.4%

NYSE:SNOW opened at $224.64 on Friday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. Snowflake Inc. has a 1-year low of $108.71 and a 1-year high of $249.99. The firm has a market capitalization of $76.11 billion, a price-to-earnings ratio of -54.13 and a beta of 1.22. The stock has a fifty day simple moving average of $214.29 and a 200 day simple moving average of $193.22.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the company posted $0.18 EPS. Snowflake's revenue for the quarter was up 31.8% on a year-over-year basis. Sell-side analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the business's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director directly owned 153,226 shares of the company's stock, valued at $33,899,720.24. The trade was a 4.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 2,611 shares of the company's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $230.48, for a total transaction of $601,783.28. Following the completion of the transaction, the executive vice president owned 542,450 shares in the company, valued at approximately $125,023,876. This represents a 0.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,469,296 shares of company stock valued at $553,371,035 in the last 90 days. Company insiders own 6.80% of the company's stock.

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.

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