Balboa Wealth Partners Boosts Position in Snowflake Inc. (NYSE:SNOW)

Balboa Wealth Partners grew its stake in shares of Snowflake Inc. (NYSE:SNOW) by 69.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,080 shares of the company’s stock after acquiring an additional 2,075 shares during the period. Balboa Wealth Partners’ holdings in Snowflake were worth $583,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB purchased a new stake in Snowflake during the first quarter worth $258,957,000. AQR Capital Management LLC lifted its stake in shares of Snowflake by 210.0% during the 2nd quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock worth $131,656,000 after purchasing an additional 660,168 shares during the last quarter. SG Americas Securities LLC raised its holdings in Snowflake by 471.9% in the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock worth $87,489,000 after purchasing an additional 628,511 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Snowflake by 90.3% during the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock valued at $170,938,000 after buying an additional 600,469 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Snowflake by 12,318.3% in the 3rd quarter. International Assets Investment Management LLC now owns 530,883 shares of the company’s stock valued at $60,977,000 after buying an additional 526,608 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Price Performance

Shares of Snowflake stock opened at $129.19 on Friday. The stock has a market capitalization of $43.30 billion, a price-to-earnings ratio of -42.22 and a beta of 0.83. The business has a 50-day moving average of $116.38 and a 200 day moving average of $128.90. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to analysts’ expectations of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.52) earnings per share. Equities research analysts anticipate that Snowflake Inc. will post -2.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. HSBC raised shares of Snowflake from a “reduce” rating to a “hold” rating and increased their target price for the company from $119.00 to $121.00 in a research report on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $165.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. KeyCorp decreased their price target on Snowflake from $168.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday. DA Davidson restated a “buy” rating and set a $175.00 price target on shares of Snowflake in a research note on Thursday, October 3rd. Finally, TD Cowen decreased their price objective on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, August 19th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $172.09.

Insider Activity

In other news, EVP Christian Kleinerman sold 558 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. This represents a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benoit Dageville sold 287 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $111.41, for a total value of $31,974.67. Following the sale, the insider now owns 53,250 shares of the company’s stock, valued at approximately $5,932,582.50. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,538 shares of company stock worth $7,061,544. Corporate insiders own 7.80% of the company’s stock.

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.