CloudAlpha Capital Management Limited Hong Kong Sells 58,514 Shares of Snowflake Inc. (NYSE:SNOW)

CloudAlpha Capital Management Limited Hong Kong trimmed its position in Snowflake Inc. (NYSE:SNOW) by 38.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,700 shares of the company’s stock after selling 58,514 shares during the period. Snowflake accounts for 1.7% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 12th biggest position. CloudAlpha Capital Management Limited Hong Kong’s holdings in Snowflake were worth $18,845,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Snowflake by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 19,428,890 shares of the company’s stock valued at $2,968,152,000 after buying an additional 743,211 shares in the last quarter. BlackRock Inc. raised its position in shares of Snowflake by 3.1% during the 1st quarter. BlackRock Inc. now owns 13,414,226 shares of the company’s stock valued at $2,069,681,000 after buying an additional 400,044 shares in the last quarter. FMR LLC raised its position in shares of Snowflake by 32.1% during the 3rd quarter. FMR LLC now owns 6,154,085 shares of the company’s stock valued at $940,160,000 after buying an additional 1,496,235 shares in the last quarter. State Street Corp raised its position in shares of Snowflake by 3.0% during the 1st quarter. State Street Corp now owns 5,782,936 shares of the company’s stock valued at $892,229,000 after buying an additional 165,875 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Snowflake during the 4th quarter valued at $477,435,000. 65.10% of the stock is owned by institutional investors.

Snowflake Price Performance

NYSE:SNOW traded down $1.50 during mid-day trading on Wednesday, hitting $148.80. 3,752,827 shares of the company’s stock were exchanged, compared to its average volume of 6,717,731. Snowflake Inc. has a one year low of $135.26 and a one year high of $237.72. The business has a fifty day moving average price of $182.44 and a 200 day moving average price of $179.47. The company has a market cap of $49.73 billion, a PE ratio of -58.35 and a beta of 0.91.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to analysts’ expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, equities analysts forecast that Snowflake Inc. will post -1.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snowflake news, insider Benoit Dageville sold 8,515 shares of Snowflake stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $156.25, for a total value of $1,330,468.75. Following the completion of the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at $8,627,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Benoit Dageville sold 8,515 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $156.25, for a total transaction of $1,330,468.75. Following the completion of the transaction, the insider now directly owns 55,216 shares of the company’s stock, valued at $8,627,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Christopher William Degnan sold 2,346 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $203.28, for a total transaction of $476,894.88. Following the transaction, the executive now directly owns 102,007 shares of the company’s stock, valued at $20,735,982.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,055 shares of company stock valued at $36,633,917. Insiders own 8.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SNOW shares. Redburn Atlantic reiterated a “sell” rating and issued a $125.00 target price (down previously from $180.00) on shares of Snowflake in a research report on Tuesday, March 19th. Canaccord Genuity Group reiterated a “buy” rating and issued a $230.00 target price on shares of Snowflake in a research report on Thursday, February 29th. HSBC reiterated a “reduce” rating on shares of Snowflake in a research report on Thursday, February 29th. Guggenheim upgraded shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Friday, March 15th. Finally, Raymond James lifted their target price on shares of Snowflake from $190.00 to $223.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $202.00.

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, as well as applies artificial intelligence (AI) for solving business problems.