MGO One Seven LLC Increases Stock Position in Snowflake Inc. $SNOW

MGO One Seven LLC boosted its stake in Snowflake Inc. (NYSE:SNOW) by 14.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,797 shares of the company’s stock after acquiring an additional 362 shares during the period. MGO One Seven LLC’s holdings in Snowflake were worth $626,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital Advantage Inc. lifted its position in Snowflake by 1.1% in the second 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. Ignite Planners LLC lifted its position in Snowflake by 2.3% in the first 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. Archford Capital Strategies LLC lifted its position in Snowflake by 1.9% in the first quarter. Archford Capital Strategies LLC now owns 3,609 shares of the company’s stock valued at $527,000 after acquiring an additional 68 shares during the last quarter. TD Private Client Wealth LLC lifted its position in Snowflake by 8.9% in the first 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. Finally, Geneos Wealth Management Inc. lifted its position in Snowflake by 29.7% in the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after acquiring an additional 73 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Trading Up 0.3%

Shares of Snowflake stock opened at $240.68 on Friday. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $255.39. 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 company’s 50-day simple moving average is $222.38 and its 200-day simple moving average is $201.63. The firm has a market cap of $81.54 billion, a price-to-earnings ratio of -58.00 and a beta of 1.21.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the business posted $0.18 earnings per share. The business’s revenue was up 31.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $10,505,037.22. Following the transaction, the director directly owned 36,116 shares in the company, valued at approximately $7,537,048.04. This represents a 58.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total transaction of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,182,434 shares of company stock valued at $270,280,661. 6.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on SNOW shares. Weiss Ratings restated a “sell (d-)” rating on shares of Snowflake in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective on shares of Snowflake from $225.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, August 28th. JMP Securities restated a “market outperform” rating and issued a $260.00 price objective on shares of Snowflake in a research note on Tuesday, August 26th. Cowen restated a “buy” rating on shares of Snowflake in a research note on Thursday, August 28th. Finally, The Goldman Sachs Group lifted their price objective on shares of Snowflake from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $256.71.

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.