Maryland State Retirement & Pension System Lowers Stock Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Snowflake Inc. by 12.5%, selling 2,102 shares and holding 14,780 shares valued at approximately $2.16 million at the end of the quarter.
• Snowflake's recent earnings report surpassed analysts' expectations, reporting $1.04 billion in revenue and $0.24 EPS for the quarter, marking a 25.8% increase in revenue year-over-year.
• Insider trading activity has been notable, with Director Frank Slootman and CFO Michael Scarpelli selling large amounts of shares, indicating a 71.97% and 57.75% decrease in their respective holdings.

Maryland State Retirement & Pension System reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 12.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,780 shares of the company's stock after selling 2,102 shares during the quarter. Maryland State Retirement & Pension System's holdings in Snowflake were worth $2,160,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in Snowflake in the first quarter valued at about $26,000. CVA Family Office LLC grew its stake in Snowflake by 80.0% in the first quarter. CVA Family Office LLC now owns 198 shares of the company's stock valued at $29,000 after purchasing an additional 88 shares during the last quarter. West Paces Advisors Inc. purchased a new stake in shares of Snowflake during the fourth quarter worth about $31,000. Spurstone Advisory Services LLC purchased a new stake in shares of Snowflake during the fourth quarter worth about $31,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Snowflake during the fourth quarter worth about $31,000. 65.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Snowflake

In related news, CFO Michael Scarpelli sold 400,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the completion of the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at approximately $60,090,389.60. This represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,014,642 shares of company stock valued at $657,325,186. 6.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SNOW has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their price target on Snowflake from $183.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. KeyCorp restated an "overweight" rating on shares of Snowflake in a research note on Wednesday, June 25th. Barclays restated an "overweight" rating and set a $219.00 price target (up previously from $203.00) on shares of Snowflake in a research note on Thursday, May 22nd. Hsbc Global Res lowered Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Finally, Rosenblatt Securities restated a "buy" rating and set a $205.00 price target on shares of Snowflake in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

Snowflake Price Performance

Shares of SNOW stock traded down $14.46 during trading hours on Friday, hitting $191.94. 8,603,458 shares of the company's stock were exchanged, compared to its average volume of 3,770,819. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm has a market cap of $64.08 billion, a P/E ratio of -45.59 and a beta of 1.22. The firm has a 50 day moving average of $213.98 and a two-hundred day moving average of $184.03. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the company earned $0.14 EPS. The firm's revenue was up 25.8% compared to the same quarter last year. Sell-side analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

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.