Octahedron Capital Management L.P. Takes Position in Snowflake Inc. (NYSE:SNOW)

Octahedron Capital Management L.P. bought a new stake in Snowflake Inc. (NYSE:SNOW) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 76,000 shares of the company’s stock, valued at approximately $10,267,000. Snowflake accounts for approximately 10.3% of Octahedron Capital Management L.P.’s investment portfolio, making the stock its 3rd largest holding.

Other institutional investors have also modified their holdings of the company. Accent Capital Management LLC acquired a new position in Snowflake during the fourth quarter worth $25,000. LRI Investments LLC boosted its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 112 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Snowflake during the second quarter worth $27,000. Riverview Trust Co purchased a new stake in Snowflake during the first quarter worth $31,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Snowflake during the first quarter worth $32,000. Institutional investors and hedge funds own 65.10% of the company’s stock.

Snowflake Stock Performance

SNOW stock opened at $110.26 on Friday. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $237.72. The firm has a market cap of $36.96 billion, a P/E ratio of -39.38 and a beta of 0.83. The stock has a 50-day simple moving average of $120.87 and a 200-day simple moving average of $139.56.

Snowflake (NYSE:SNOW) last issued 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. 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 during the quarter, compared to analyst estimates of $851.72 million. During the same quarter last year, the firm earned ($0.52) EPS. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. On average, equities research analysts predict that Snowflake Inc. will post -2.42 EPS for the current year.

Insider Buying and Selling at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 759,473 shares in the company, valued at approximately $83,511,651.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Snowflake news, EVP Christian Kleinerman sold 558 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benoit Dageville sold 1,946 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $114.39, for a total value of $222,602.94. Following the transaction, the insider now directly owns 53,820 shares in the company, valued at approximately $6,156,469.80. The disclosure for this sale can be found here. Insiders sold a total of 517,203 shares of company stock worth $63,833,373 in the last 90 days. 7.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on SNOW shares. Jefferies Financial Group decreased their target price on Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Barclays decreased their target price on Snowflake from $191.00 to $146.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Macquarie decreased their target price on Snowflake from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Robert W. Baird decreased their target price on Snowflake from $200.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. Finally, Loop Capital reduced their price objective on Snowflake from $225.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.03.

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.