Corton Capital Inc. Sells 684 Shares of Snowflake Inc. $SNOW

Corton Capital Inc. decreased its stake in shares of Snowflake Inc. (NYSE:SNOW) by 42.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 913 shares of the company’s stock after selling 684 shares during the period. Corton Capital Inc.’s holdings in Snowflake were worth $204,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Capital Advantage Inc. increased its holdings in shares of Snowflake by 1.1% during the 2nd quarter. Capital Advantage Inc. now owns 4,412 shares of the company’s stock valued at $987,000 after acquiring an additional 48 shares during the last quarter. Avion Wealth increased its holdings in shares of Snowflake by 76.6% during the 2nd quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after acquiring an additional 49 shares during the last quarter. Ignite Planners LLC increased its holdings in shares of Snowflake by 2.3% during the 1st quarter. Ignite Planners LLC now owns 2,861 shares of the company’s stock valued at $418,000 after acquiring an additional 64 shares during the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Snowflake by 4.2% during the 2nd quarter. Koshinski Asset Management Inc. now owns 1,604 shares of the company’s stock valued at $359,000 after acquiring an additional 64 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in shares of Snowflake by 8.9% during the 1st quarter. TD Private Client Wealth LLC now owns 832 shares of the company’s stock valued at $122,000 after acquiring an additional 68 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Insider Transactions at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total value of $2,634,219.22. Following the completion of the transaction, the senior vice president owned 241,854 shares of the company’s stock, valued at $53,986,649.88. This represents a 4.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $224.85, for a total value of $11,318,499.30. Following the completion of the transaction, the director directly owned 35,276 shares of the company’s stock, valued at approximately $7,931,808.60. This trade represents a 58.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 880,647 shares of company stock worth $203,522,973. Insiders own 6.80% of the company’s stock.

Snowflake Trading Down 4.2%

Snowflake stock opened at $265.59 on Wednesday. The business has a 50 day moving average price of $238.30 and a two-hundred day moving average price of $212.94. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market cap of $89.98 billion, a price-to-earnings ratio of -64.00 and a beta of 1.23. Snowflake Inc. has a 12 month low of $113.65 and a 12 month high of $280.67.

Snowflake (NYSE:SNOW) last posted its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm 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 42.98% and a negative net margin of 33.53%.The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 EPS. As a group, equities analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Jefferies Financial Group increased their price objective on Snowflake from $250.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Robert W. Baird increased their target price on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Evercore ISI increased their target price on Snowflake from $240.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. DA Davidson restated a “buy” rating and set a $250.00 target price on shares of Snowflake in a research note on Monday, August 25th. Finally, UBS Group increased their target price on Snowflake from $285.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $258.95.

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.