Ilmarinen Mutual Pension Insurance Co Has $7.02 Million Stock Position in Snowflake Inc. $SNOW

Key Points

• Ilmarinen Mutual Pension Insurance Co significantly increased its stake in Snowflake Inc. by 220% during the 1st quarter, owning 48,000 shares valued at over $7 million.
• Several large investors, including Nuveen LLC and AQR Capital Management, also enhanced their positions in Snowflake, indicating strong institutional interest in the stock.
• Snowflake reported better-than-expected earnings for the last quarter, with revenues of $1.14 billion, reflecting a 31.8% increase year-over-year.

Ilmarinen Mutual Pension Insurance Co grew its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 220.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 48,000 shares of the company's stock after purchasing an additional 33,000 shares during the period. Ilmarinen Mutual Pension Insurance Co's holdings in Snowflake were worth $7,016,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of Snowflake in the first quarter valued at $555,847,000. AQR Capital Management LLC increased its stake in shares of Snowflake by 346.2% in the first quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after buying an additional 2,460,769 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Snowflake by 19.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after buying an additional 763,673 shares in the last quarter. Amundi increased its stake in shares of Snowflake by 72.7% in the first quarter. Amundi now owns 1,808,250 shares of the company's stock valued at $252,974,000 after buying an additional 760,923 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after buying an additional 650,775 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company's stock.

Snowflake Stock Down 0.5%

NYSE SNOW traded down $1.03 on Thursday, reaching $224.82. The company had a trading volume of 4,149,633 shares, compared to its average volume of 7,496,760. The firm has a market capitalization of $75.06 billion, a price-to-earnings ratio of -54.17 and a beta of 1.22. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.58 and a current ratio of 1.48. Snowflake Inc. has a 1-year low of $108.71 and a 1-year high of $249.99. The company's fifty day moving average is $212.83 and its 200-day moving average is $188.54.

Snowflake (NYSE:SNOW - Get Free Report) last announced its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The company's revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 EPS. On average, research analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 1,938 shares of Snowflake stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $223.86, for a total value of $433,840.68. Following the sale, the director directly owned 162,737 shares in the company, valued at approximately $36,430,304.82. The trade was a 1.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christian Kleinerman sold 548 shares of Snowflake stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $223.86, for a total transaction of $122,675.28. Following the completion of the sale, the executive vice president owned 553,733 shares in the company, valued at $123,958,669.38. The trade was a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,224,389 shares of company stock worth $719,812,350. Insiders own 6.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. HSBC lowered Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Sanford C. Bernstein upped their price target on Snowflake from $191.00 to $221.00 and gave the company a "market perform" rating in a research note on Thursday, August 28th. Stifel Nicolaus upped their price target on Snowflake from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Needham & Company LLC lifted their price objective on Snowflake from $230.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Cantor Fitzgerald lifted their price objective on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $255.53.

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.