Snowflake Inc. $SNOW Stock Position Cut by Alight Capital Management LP

Key Points

• Alight Capital Management LP significantly reduced its stake in Snowflake Inc. by 70%, now holding 15,000 shares valued at $2.2 million, making it only 1% of their portfolio.
• Goldman Sachs Group Inc. increased its position in Snowflake by 22.2%, owning over 3.5 million shares, while other funds like Berkshire Capital Holdings also made notable investments.
• Snowflake's stock price opened at $233.62, showing a 31.8% year-over-year revenue growth, accompanied by a negative net margin and significant analyst interest in the stock.

Alight Capital Management LP lessened its stake in Snowflake Inc. (NYSE:SNOW - Free Report) by 70.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,000 shares of the company's stock after selling 35,000 shares during the period. Snowflake accounts for 1.0% of Alight Capital Management LP's portfolio, making the stock its 25th biggest holding. Alight Capital Management LP's holdings in Snowflake were worth $2,192,000 as of its most recent filing with the Securities & Exchange Commission.

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

Snowflake Price Performance

SNOW stock opened at $233.62 on Wednesday. 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 one year low of $107.13 and a one year high of $249.99. The firm has a market capitalization of $78.00 billion, a PE ratio of -56.29 and a beta of 1.22. The firm has a 50-day moving average of $212.12 and a two-hundred day moving average of $186.53.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 33.53% and a negative return on equity of 41.42%. The business's quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SNOW. Evercore ISI upped their price target on shares of Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Needham & Company LLC upped their price target on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Citigroup reissued an "outperform" rating on shares of Snowflake in a report on Thursday, August 28th. Stephens began coverage on shares of Snowflake in a report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target for the company. Finally, Cowen reissued a "buy" rating on shares of Snowflake in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $255.53.

Insider Activity at Snowflake

In other news, EVP Christian Kleinerman sold 10,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $216.00, for a total value of $2,160,000.00. Following the completion of the sale, the executive vice president directly owned 537,336 shares of the company's stock, valued at $116,064,576. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $208.69, for a total transaction of $84,102.07. Following the completion of the sale, the director directly owned 26,136 shares of the company's stock, valued at $5,454,321.84. This trade represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,216,909 shares of company stock valued at $717,287,181 over the last ninety days. 6.80% of the stock is owned by company insiders.

Snowflake Company 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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