Balboa Wealth Partners Has $583,000 Stock Position in Snowflake Inc. (NYSE:SNOW)

Balboa Wealth Partners increased its position in Snowflake Inc. (NYSE:SNOW) by 69.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,080 shares of the company’s stock after buying 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 reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in Snowflake by 10.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,725 shares of the company’s stock worth $279,000 after purchasing an additional 170 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Snowflake by 23.2% in the first quarter. Empowered Funds LLC now owns 4,893 shares of the company’s stock valued at $791,000 after acquiring an additional 922 shares in the last quarter. Illinois Municipal Retirement Fund bought a new stake in Snowflake during the first quarter worth $480,000. Avantax Advisory Services Inc. grew its stake in Snowflake by 12.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 5,326 shares of the company’s stock valued at $861,000 after purchasing an additional 604 shares during the period. Finally, ProShare Advisors LLC grew its stake in Snowflake by 26.1% in the 1st quarter. ProShare Advisors LLC now owns 1,424 shares of the company’s stock valued at $230,000 after buying an additional 295 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Trading Down 1.2 %

SNOW stock opened at $129.19 on Friday. The stock has a market capitalization of $43.30 billion, a PE ratio of -42.22 and a beta of 0.83. The stock’s 50 day simple moving average is $116.38 and its 200 day simple moving average is $128.90. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. The firm had revenue of $868.80 million for the quarter, compared to analysts’ expectations of $851.72 million. During the same period in the prior year, the firm earned ($0.52) EPS. The company’s revenue was up 28.9% compared to the same quarter last year. On average, research analysts predict that Snowflake Inc. will post -2.41 earnings per share for the current year.

Analyst Ratings Changes

SNOW has been the subject of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $165.00 price target on shares of Snowflake in a research report on Thursday, August 22nd. Morgan Stanley restated an “equal weight” rating and issued a $175.00 target price on shares of Snowflake in a research note on Thursday, August 22nd. StockNews.com upgraded Snowflake from a “sell” rating to a “hold” rating in a research report on Tuesday. Bank of America dropped their target price on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Finally, TD Cowen decreased their price target on shares of Snowflake from $230.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 19th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average price target of $172.09.

Insider Activity

In other news, Director Frank Slootman sold 1,606 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total transaction of $176,595.76. Following the sale, the director now directly owns 218,246 shares in the company, valued at approximately $23,998,330.16. This represents a 0.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 directly owns 53,250 shares in the company, valued at $5,932,582.50. The trade was a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,538 shares of company stock worth $7,061,544 in the last three months. Company insiders own 7.80% of the company’s stock.

Snowflake 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.