CloudAlpha Capital Management Limited Hong Kong Has $27.58 Million Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• CloudAlpha Capital Management Limited Hong Kong increased its stake in Snowflake Inc. by 282.0% in the first quarter, making it the firm's 9th largest position in its portfolio.
• Several institutional investors, including Brighton Jones LLC and Zions Bancorporation N.A., have significantly increased their holdings in Snowflake, indicating robust interest from the investment community.
• Snowflake reported quarterly earnings of $0.24 per share, surpassing expectations, with revenue growth of 25.8% year-over-year, highlighting the company's strong performance in the financial market.

CloudAlpha Capital Management Limited Hong Kong grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 282.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 188,726 shares of the company's stock after buying an additional 139,318 shares during the quarter. Snowflake accounts for about 2.2% of CloudAlpha Capital Management Limited Hong Kong's portfolio, making the stock its 9th largest holding. CloudAlpha Capital Management Limited Hong Kong owned about 0.06% of Snowflake worth $27,584,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in shares of Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company's stock valued at $9,556,000 after purchasing an additional 29,320 shares during the last quarter. LPL Financial LLC grew its holdings in shares of Snowflake by 37.7% during the 4th quarter. LPL Financial LLC now owns 176,646 shares of the company's stock valued at $27,276,000 after purchasing an additional 48,403 shares during the last quarter. Zions Bancorporation N.A. grew its holdings in shares of Snowflake by 10,788.9% during the 4th quarter. Zions Bancorporation N.A. now owns 980 shares of the company's stock valued at $151,000 after purchasing an additional 971 shares during the last quarter. Ausdal Financial Partners Inc. bought a new stake in shares of Snowflake during the 4th quarter valued at approximately $246,000. Finally, Korea Investment CORP grew its holdings in shares of Snowflake by 74.4% during the 4th quarter. Korea Investment CORP now owns 283,576 shares of the company's stock valued at $43,787,000 after purchasing an additional 120,961 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snowflake news, Director Mark Garrett sold 67,000 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total transaction of $13,331,660.00. Following the transaction, the director owned 7,428 shares in the company, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer owned 292,610 shares in the company, valued at approximately $60,090,389.60. The trade was a 57.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,708,258 shares of company stock worth $588,162,906. Insiders own 6.80% of the company's stock.

Snowflake Stock Up 2.1%

Shares of Snowflake stock traded up $4.53 during trading on Friday, reaching $219.55. 3,256,701 shares of the company traded hands, compared to its average volume of 3,105,871. 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 company has a 50 day moving average price of $211.09 and a 200-day moving average price of $180.95. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $226.60. The firm has a market capitalization of $73.30 billion, a PE ratio of -52.15 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.14 earnings per share. The business's revenue was up 25.8% on a year-over-year basis. As a group, equities research analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SNOW shares. Evercore ISI reaffirmed a "buy" rating on shares of Snowflake in a report on Wednesday, June 4th. Raymond James Financial reissued an "outperform" rating and set a $212.00 target price (up from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Stephens initiated coverage on shares of Snowflake in a report on Friday, July 18th. They set an "overweight" rating and a $261.00 target price on the stock. Mizuho boosted their target price on shares of Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $205.00 target price on shares of Snowflake in a report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.