Kentucky Retirement Systems Insurance Trust Fund Purchases New Stake in Snowflake Inc. (NYSE:SNOW)

Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,081 shares of the company's stock, valued at approximately $1,327,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kentucky Retirement Systems bought a new stake in Snowflake during the 1st quarter valued at $3,116,000. Vantage Investment Partners LLC raised its holdings in Snowflake by 0.3% in the 1st quarter. Vantage Investment Partners LLC now owns 41,328 shares of the company's stock worth $6,040,000 after purchasing an additional 142 shares in the last quarter. Consolidated Investment Group LLC bought a new position in Snowflake in the 1st quarter worth $1,009,000. Nilsine Partners LLC raised its holdings in Snowflake by 3.0% in the 1st quarter. Nilsine Partners LLC now owns 5,046 shares of the company's stock worth $738,000 after purchasing an additional 149 shares in the last quarter. Finally, Private Wealth Partners LLC raised its holdings in Snowflake by 301.7% in the 1st quarter. Private Wealth Partners LLC now owns 10,905 shares of the company's stock worth $1,594,000 after purchasing an additional 8,190 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

Snowflake Stock Performance

Shares of SNOW stock opened at $211.84 on Monday. Snowflake Inc. has a one year low of $107.13 and a one year high of $215.99. The company's 50-day moving average is $183.12 and its 200 day moving average is $171.86. The company has a market capitalization of $70.73 billion, a price-to-earnings ratio of -50.32 and a beta of 1.21. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business posted $0.14 earnings per share. The business's revenue for the quarter was up 25.8% on a year-over-year basis. Sell-side analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on SNOW. Needham & Company LLC restated a "buy" rating and issued a $230.00 price objective on shares of Snowflake in a report on Thursday, June 5th. Oppenheimer upped their price objective on shares of Snowflake from $225.00 to $250.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. DA Davidson restated a "buy" rating and issued a $250.00 price objective on shares of Snowflake in a report on Wednesday, June 4th. Scotiabank restated an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Finally, Raymond James Financial restated an "outperform" rating and issued a $212.00 price objective (up from $196.00) on shares of Snowflake in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $223.54.

Insider Buying and Selling

In other news, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $129.25, for a total value of $52,087.75. Following the transaction, the director now directly owns 26,375 shares in the company, valued at $3,408,968.75. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael Scarpelli sold 300,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the transaction, the chief financial officer now owns 292,610 shares in the company, valued at approximately $47,756,878.10. This trade represents a 50.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 894,638 shares of company stock worth $169,965,038. 6.80% of the stock is owned by insiders.

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.

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