Morangie Management LLC Sells 2,877 Shares of Snowflake Inc. $SNOW

Morangie Management LLC trimmed its position in Snowflake Inc. (NYSE:SNOW) by 24.1% during the third quarter, Holdings Channel.com reports. The firm owned 9,067 shares of the company’s stock after selling 2,877 shares during the period. Snowflake accounts for approximately 2.5% of Morangie Management LLC’s holdings, making the stock its 14th largest position. Morangie Management LLC’s holdings in Snowflake were worth $3,079,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in SNOW. Basecamp Wealth Advisors LLC grew its holdings in shares of Snowflake by 140.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 202 shares of the company’s stock worth $30,000 after purchasing an additional 118 shares during the last quarter. Emerald Advisers LLC increased its stake in shares of Snowflake by 95.2% during the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock worth $31,000 after acquiring an additional 100 shares during the period. MV Capital Management Inc. purchased a new position in shares of Snowflake during the 4th quarter worth approximately $32,000. Mather Group LLC. lifted its holdings in Snowflake by 98.0% in the third quarter. Mather Group LLC. now owns 101 shares of the company’s stock valued at $34,000 after acquiring an additional 50 shares during the period. Finally, Copos Capital S.a r.l. acquired a new position in Snowflake during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several research reports. Mizuho set a $425.00 price objective on Snowflake in a research report on Thursday, September 3rd. Jefferies Financial Group set a $430.00 price target on Snowflake and gave the company a “buy” rating in a report on Thursday, September 3rd. Raymond James Financial lifted their price target on shares of Snowflake from $275.00 to $425.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. Argus raised their target price on Snowflake from $300.00 to $450.00 and gave the company a “buy” rating in a research report on Friday, September 4th. Finally, Barclays raised their target price on shares of Snowflake from $332.00 to $384.00 and gave the stock an “equal weight” rating in a report on Thursday, September 3rd. Thirty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $414.24.

Insiders Place Their Bets

In other Snowflake news, CAO Emily Ho sold 768 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $332.93, for a total transaction of $255,690.24. Following the completion of the transaction, the chief accounting officer owned 39,958 shares of the company’s stock, valued at $13,303,216.94. This represents a 1.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Speiser sold 403 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $344.00, for a total transaction of $138,632.00. Following the completion of the sale, the director directly owned 21,767 shares in the company, valued at approximately $7,487,848. The trade was a 1.82% decrease in their ownership of the stock. 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 1,246,429 shares of company stock worth $396,227,952 in the last ninety days. 4.80% of the stock is owned by insiders.

Snowflake Price Performance

Shares of Snowflake stock opened at $335.81 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s 50-day simple moving average is $333.72 and its 200-day simple moving average is $254.53. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $384.56. The firm has a market cap of $118.47 billion, a P/E ratio of -105.60 and a beta of 1.35.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, September 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.17. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.48 billion. Snowflake had a negative return on equity of 46.32% and a negative net margin of 20.07%. The business’s revenue for the quarter was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, research analysts expect that Snowflake Inc. will post -1.44 EPS for the current fiscal year.

Snowflake Company Profile

Snowflake Inc (NYSE: SNOW) provides a cloud-based data platform that enables organizations to store, process, analyze and share data. Its platform is designed to support data warehousing, data lakes, data engineering, data science, application development and artificial intelligence workloads in a single environment.

Snowflake’s services include cloud data storage and computing, data sharing and collaboration tools, governance and security capabilities, and access to third-party data through the Snowflake Marketplace.