Trybe Capital Management LP Invests $28.67 Million in Snowflake Inc. $SNOW

Key Points

• Trybe Capital Management LP has invested approximately $28.67 million in Snowflake Inc., acquiring 196,183 shares which now comprise about 7.5% of its portfolio.
• Insider transactions include the sale of 710,083 shares by Director Frank Slootman, representing an 81.10% decrease in his ownership, following total insider sales of 3,176,168 shares worth $708.9 million in the last quarter.
• Analysts have upgraded Snowflake's stock ratings, with Bank of America and Needham & Company increasing their price targets to as high as $280, indicating growing confidence in the company's performance.

Trybe Capital Management LP purchased a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 196,183 shares of the company's stock, valued at approximately $28,674,000. Snowflake accounts for approximately 7.5% of Trybe Capital Management LP's portfolio, making the stock its 5th largest position. Trybe Capital Management LP owned approximately 0.06% of Snowflake at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in Snowflake during the first quarter valued at $26,000. CVA Family Office LLC boosted its stake in Snowflake by 80.0% during the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after buying an additional 88 shares during the period. Spurstone Advisory Services LLC bought a new stake in Snowflake during the fourth quarter valued at $31,000. Capital A Wealth Management LLC bought a new stake in Snowflake during the fourth quarter valued at $31,000. Finally, Golden State Wealth Management LLC boosted its stake in Snowflake by 748.0% during the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company's stock valued at $31,000 after buying an additional 187 shares during the period. Institutional investors own 65.10% of the company's stock.

Insider Transactions at Snowflake

In related news, 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 transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 3,176,168 shares of company stock worth $708,898,070. 6.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SNOW shares. Bank of America raised Snowflake from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $220.00 to $240.00 in a research note on Wednesday, August 20th. Needham & Company LLC lifted their price objective on Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Oppenheimer lifted their price objective on Snowflake from $250.00 to $275.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. JMP Securities reaffirmed a "market outperform" rating and set a $260.00 price target on shares of Snowflake in a research note on Tuesday, August 26th. Finally, Macquarie lifted their price target on Snowflake from $210.00 to $235.00 and gave the stock a "neutral" 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 assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Snowflake Trading Up 1.6%

Shares of SNOW stock opened at $225.47 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $212.34 and a two-hundred day moving average price of $187.29. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $249.99. The firm has a market cap of $75.28 billion, a P/E ratio of -54.33 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.09 billion. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.Snowflake's quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 EPS. Equities analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal 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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