Alight Capital Management LP Purchases New Position in Snowflake Inc. (NYSE:SNOW)

Alight Capital Management LP bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,000 shares of the company’s stock, valued at approximately $771,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Snowflake by 3.1% during the 1st quarter. BlackRock Inc. now owns 13,414,226 shares of the company’s stock worth $2,069,681,000 after acquiring an additional 400,044 shares during the period. State Street Corp grew its holdings in Snowflake by 2.9% in the first quarter. State Street Corp now owns 4,505,988 shares of the company’s stock worth $1,032,457,000 after purchasing an additional 126,995 shares during the period. FMR LLC grew its holdings in Snowflake by 7.9% in the first quarter. FMR LLC now owns 3,420,395 shares of the company’s stock worth $527,733,000 after purchasing an additional 251,486 shares during the period. Norges Bank acquired a new stake in Snowflake in the fourth quarter worth $477,435,000. Finally, Geode Capital Management LLC grew its holdings in Snowflake by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 2,883,538 shares of the company’s stock worth $413,381,000 after purchasing an additional 133,971 shares during the period. Institutional investors and hedge funds own 63.74% of the company’s stock.

Insider Buying and Selling at Snowflake

In other Snowflake news, insider Benoit Dageville sold 6,591 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $180.00, for a total transaction of $1,186,380.00. Following the completion of the sale, the insider now owns 41,955 shares of the company’s stock, valued at approximately $7,551,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Frank Slootman sold 1,761 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $177.47, for a total value of $312,524.67. Following the completion of the sale, the chief executive officer now directly owns 185,683 shares of the company’s stock, valued at approximately $32,953,162.01. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benoit Dageville sold 6,591 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $180.00, for a total transaction of $1,186,380.00. Following the completion of the sale, the insider now directly owns 41,955 shares of the company’s stock, valued at $7,551,900. The disclosure for this sale can be found here. Insiders sold 626,937 shares of company stock valued at $111,034,892 in the last quarter. Company insiders own 8.30% of the company’s stock.

Snowflake Stock Up 2.3 %

Shares of Snowflake stock traded up $3.75 during trading on Monday, reaching $169.70. The company’s stock had a trading volume of 3,464,499 shares, compared to its average volume of 5,772,318. Snowflake Inc. has a 52-week low of $119.27 and a 52-week high of $203.62. The company has a market cap of $55.31 billion, a price-to-earnings ratio of -64.36 and a beta of 0.78. The firm’s 50-day moving average is $164.76 and its two-hundred day moving average is $159.29.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 23rd. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.12. The business had revenue of $674.00 million during the quarter, compared to analysts’ expectations of $662.22 million. Snowflake had a negative net margin of 35.22% and a negative return on equity of 14.07%. The firm’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.67) EPS. On average, equities research analysts anticipate that Snowflake Inc. will post -1.62 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stifel Nicolaus boosted their target price on shares of Snowflake from $180.00 to $200.00 in a research report on Wednesday, June 28th. Guggenheim reiterated a “sell” rating and issued a $105.00 target price on shares of Snowflake in a research note on Monday, August 14th. JPMorgan Chase & Co. boosted their target price on shares of Snowflake from $155.00 to $180.00 in a research note on Wednesday, June 28th. Wedbush reiterated a “neutral” rating and issued a $144.00 target price on shares of Snowflake in a research note on Thursday, August 24th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $215.00 target price on shares of Snowflake in a research note on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $190.55.

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.