Beaconlight Capital LLC Sells 9,358 Shares of Snowflake Inc. $SNOW

Beaconlight Capital LLC cut its position in shares of Snowflake Inc. (NYSE:SNOW) by 33.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,317 shares of the company’s stock after selling 9,358 shares during the period. Snowflake comprises 1.5% of Beaconlight Capital LLC’s portfolio, making the stock its 18th biggest position. Beaconlight Capital LLC’s holdings in Snowflake were worth $2,763,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Snowflake in the fourth quarter valued at about $974,091,000. Jennison Associates LLC boosted its position in Snowflake by 27.7% during the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company’s stock valued at $2,545,300,000 after purchasing an additional 2,519,413 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new position in Snowflake in the fourth quarter valued at about $345,619,000. Vanguard Group Inc. lifted its position in shares of Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company’s stock valued at $6,601,790,000 after buying an additional 1,448,094 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Snowflake by 445.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,490,569 shares of the company’s stock valued at $326,971,000 after buying an additional 1,217,350 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 1.1%

Shares of NYSE:SNOW opened at $268.15 on Friday. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The stock has a market cap of $92.94 billion, a P/E ratio of -76.18 and a beta of 1.35. The business has a fifty day moving average of $239.11 and a two-hundred day moving average of $195.38. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Snowflake’s quarterly revenue was up 33.5% on a year-over-year basis. On average, research analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on SNOW shares. Deutsche Bank Aktiengesellschaft increased their price objective on Snowflake from $230.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Barclays boosted their price objective on shares of Snowflake from $272.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Scotiabank raised their target price on Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 8th. Canaccord Genuity Group lifted their price target on Snowflake from $240.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Sanford C. Bernstein lifted their target price on Snowflake from $195.00 to $250.00 and gave the stock a “market perform” rating in a report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $296.27.

Insider Buying and Selling

In other Snowflake news, Director Frank Slootman sold 437,076 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $252.43, for a total transaction of $110,331,094.68. Following the completion of the sale, the director owned 38,046 shares of the company’s stock, valued at $9,603,951.78. This trade represents a 91.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the completion of the transaction, the director directly owned 8,801 shares in the company, valued at approximately $2,200,250. This trade represents a 91.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,802,015 shares of company stock worth $421,739,629. Company insiders own 4.80% of the company’s stock.

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.