National Pension Service Sells 14,001 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• The National Pension Service reduced its stake in Snowflake Inc. by 3.2%, selling 14,001 shares during Q1, and now holds approximately 428,599 shares valued at $62.64 million.
• Despite the sale, institutional investors remain significant stakeholders, owning 65.10% of Snowflake, while the stock has seen considerable price targets from analysts ranging from $215 to $250.
• Snowflake reported a revenue increase of 25.8% year-over-year in its latest earnings report, with earnings per share of $0.24, surpassing analysts' estimates.

National Pension Service lowered its holdings in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 3.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 428,599 shares of the company's stock after selling 14,001 shares during the period. National Pension Service owned approximately 0.13% of Snowflake worth $62,644,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Snowflake by 1.2% in the first quarter. Vanguard Group Inc. now owns 27,194,208 shares of the company's stock worth $3,974,705,000 after buying an additional 316,573 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Snowflake by 124.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company's stock worth $612,817,000 after buying an additional 2,200,406 shares during the last quarter. Nuveen LLC purchased a new position in Snowflake in the first quarter worth about $555,847,000. Goldman Sachs Group Inc. raised its holdings in Snowflake by 22.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after buying an additional 650,775 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Snowflake by 26.5% in the first quarter. Invesco Ltd. now owns 3,088,288 shares of the company's stock worth $451,384,000 after buying an additional 647,176 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $195.02 on Friday. The firm has a fifty day moving average price of $212.74 and a 200-day moving average price of $184.44. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market cap of $65.11 billion, a PE ratio of -46.32 and a beta of 1.22. Snowflake Inc. has a 1 year low of $107.13 and a 1 year high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last issued its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share 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 quarter in the prior year, the business earned $0.14 earnings per share. Snowflake's revenue for the quarter was up 25.8% on a year-over-year basis. Equities analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director owned 165,507 shares in the company, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total transaction of $82,144,000.00. Following the transaction, the chief financial officer 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,014,642 shares of company stock valued at $657,325,186. 6.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNOW has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $230.00 target price on shares of Snowflake in a report on Thursday, June 5th. UBS Group decreased their price objective on shares of Snowflake from $265.00 to $250.00 and set a "buy" rating for the company in a report on Wednesday. Cantor Fitzgerald boosted their price objective on shares of Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. Bank of America boosted their price objective on shares of Snowflake from $172.00 to $220.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Finally, Piper Sandler reissued an "overweight" rating and set a $215.00 price objective (up from $175.00) on shares of Snowflake in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average price target of $226.32.

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.

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