Morangie Management LLC Buys 4,004 Shares of Snowflake Inc. $SNOW

Key Points

• Morangie Management LLC increased its stake in Snowflake Inc. by 47.1%, owning a total of 12,501 shares valued at approximately $2.8 million.
• The stock has received an overall "Moderate Buy" consensus rating, with an average price target of $255.53 from analysts.
• Recently, significant insider transactions occurred, with Director Frank Slootman selling 710,083 shares at an average price of $230.47, marking an 81.10% decrease in his ownership.

Morangie Management LLC raised its stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 47.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,501 shares of the company's stock after acquiring an additional 4,004 shares during the quarter. Snowflake makes up 2.4% of Morangie Management LLC's portfolio, making the stock its 12th largest holding. Morangie Management LLC's holdings in Snowflake were worth $2,797,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Snowflake by 22.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after acquiring an additional 650,775 shares during the period. CenterBook Partners LP bought a new position in shares of Snowflake during the first quarter valued at $2,381,000. Berkshire Capital Holdings Inc. raised its holdings in shares of Snowflake by 71,500.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 7,160 shares of the company's stock valued at $1,047,000 after buying an additional 7,150 shares during the last quarter. Lyell Wealth Management LP raised its holdings in shares of Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after buying an additional 2,955 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Snowflake in the first quarter valued at about $898,000. 65.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SNOW shares. Guggenheim reaffirmed a "neutral" rating on shares of Snowflake in a report on Thursday, August 28th. KeyCorp lifted their price target on Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Barclays lifted their price target on Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and issued a $260.00 price target on shares of Snowflake in a report on Tuesday, August 26th. Finally, Mizuho lifted their price target on Snowflake from $235.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $255.53.

Insider Activity

In other news, Director Michael L. Speiser sold 50,338 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $221.47, for a total transaction of $11,148,356.86. Following the completion of the transaction, the director directly owned 36,956 shares in the company, valued at approximately $8,184,645.32. The trade was a 57.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Slootman sold 710,083 shares of the business's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares of the company's stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,467,638 shares of company stock valued at $552,997,570 over the last 90 days. Corporate insiders own 6.80% of the company's stock.

Snowflake Price Performance

Shares of SNOW stock opened at $221.74 on Friday. The stock has a 50-day moving average price of $214.13 and a 200 day moving average price of $192.43. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The firm has a market cap of $75.12 billion, a price-to-earnings ratio of -53.43 and a beta of 1.22. Snowflake Inc. has a 12 month low of $108.71 and a 12 month high of $249.99.

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

About Snowflake

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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