Beaconlight Capital LLC Decreases Stock Holdings in Snowflake Inc. $SNOW

Beaconlight Capital LLC reduced its position in shares of Snowflake Inc. (NYSE:SNOW) by 33.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,317 shares of the company’s stock after selling 9,358 shares during the period. Snowflake accounts for approximately 1.5% of Beaconlight Capital LLC’s portfolio, making the stock its 18th largest position. Beaconlight Capital LLC’s holdings in Snowflake were worth $2,763,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SNOW. Wolff Wiese Magana LLC boosted its holdings in shares of Snowflake by 10.0% during the 4th quarter. Wolff Wiese Magana LLC now owns 549 shares of the company’s stock valued at $120,000 after buying an additional 50 shares in the last quarter. HHM Wealth Advisors LLC boosted its holdings in Snowflake by 50.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 150 shares of the company’s stock worth $33,000 after acquiring an additional 50 shares in the last quarter. United Asset Strategies Inc. grew its stake in shares of Snowflake by 1.4% in the fourth quarter. United Asset Strategies Inc. now owns 3,544 shares of the company’s stock worth $777,000 after acquiring an additional 50 shares during the last quarter. Physician Wealth Advisors Inc. grew its stake in shares of Snowflake by 56.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock worth $31,000 after acquiring an additional 51 shares during the last quarter. Finally, ORG Partners LLC increased its holdings in shares of Snowflake by 3.3% during the fourth quarter. ORG Partners LLC now owns 1,796 shares of the company’s stock valued at $394,000 after acquiring an additional 58 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Up 1.1%

Shares of SNOW opened at $268.15 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $92.94 billion, a price-to-earnings ratio of -76.18 and a beta of 1.35. Snowflake Inc. has a 1 year low of $118.30 and a 1 year high of $284.99. The business’s 50 day simple moving average is $239.11 and its 200-day simple moving average is $195.38.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.07. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the business posted $0.24 earnings per share. Snowflake’s quarterly revenue was up 33.5% on a year-over-year basis. As a group, equities analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In other Snowflake news, Director Frank Slootman sold 99,900 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $251.73, for a total transaction of $25,147,827.00. Following the transaction, the director owned 28,535 shares in the company, valued at $7,183,115.55. The trade was a 77.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christian Kleinerman sold 2,500 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total transaction of $646,400.00. Following the completion of the sale, the executive vice president directly owned 397,879 shares in the company, valued at approximately $102,875,594.24. This represents a 0.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,802,015 shares of company stock valued at $421,739,629 over the last ninety days. 4.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SNOW has been the topic of a number of analyst reports. TD Cowen reiterated a “buy” rating and issued a $300.00 price target on shares of Snowflake in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. raised their price objective on shares of Snowflake from $245.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Evercore set a $200.00 target price on shares of Snowflake in a report on Tuesday, April 14th. Canaccord Genuity Group upped their target price on shares of Snowflake from $240.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Monness Crespi & Hardt upped their price objective on Snowflake from $282.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Thirty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snowflake presently has an average rating of “Moderate Buy” and an average price target of $296.27.

About Snowflake

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.