OMERS ADMINISTRATION Corp Buys 2,487 Shares of Snowflake Inc. $SNOW

Key Points

• OMERS Administration Corp increased its stake in Snowflake Inc. by 12.7% during the first quarter, purchasing an additional 2,487 shares, bringing its total holdings to 22,068 shares worth approximately $3.23 million.
• Several major investors, including Goldman Sachs and Berkshire Capital Holdings, significantly bolstered their investments in Snowflake, highlighting strong institutional interest in the stock.
• Wall Street analysts have raised their price targets for Snowflake, with Barclays setting a new target of $255 and Piper Sandler increasing it to $285, indicating positive sentiment about the company’s growth prospects.

OMERS ADMINISTRATION Corp increased its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 12.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,068 shares of the company's stock after acquiring an additional 2,487 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Snowflake were worth $3,225,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Snowflake in the 1st quarter valued at $555,847,000. Price T Rowe Associates Inc. MD lifted its holdings in Snowflake by 19.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock worth $691,693,000 after acquiring an additional 763,673 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in 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 acquiring an additional 650,775 shares during the period. Invesco Ltd. increased its holdings in shares of 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 acquiring an additional 647,176 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in shares of Snowflake by 51.6% in the first quarter. 1832 Asset Management L.P. now owns 1,571,800 shares of the company's stock worth $229,734,000 after acquiring an additional 535,160 shares in the last quarter. Institutional investors own 65.10% of the company's stock.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares of the company's stock, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 3,216,909 shares of company stock valued at $717,287,181. 6.80% of the stock is owned by insiders.

Snowflake Stock Performance

Shares of SNOW stock traded down $4.60 during trading on Wednesday, reaching $229.01. 4,446,874 shares of the company's stock were exchanged, compared to its average volume of 5,344,497. 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 stock has a market capitalization of $76.46 billion, a PE ratio of -55.20 and a beta of 1.22. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $249.99. The firm's fifty day moving average price is $212.12 and its 200-day moving average price is $186.53.

Snowflake (NYSE:SNOW - Get Free Report) last posted 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. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the firm earned $0.18 EPS. The firm's revenue was up 31.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SNOW. Stephens assumed coverage on Snowflake in a research report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price objective for the company. Cantor Fitzgerald increased their price objective on shares of Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Morgan Stanley upped their target price on shares of Snowflake from $262.00 to $272.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Evercore ISI lifted their target price on Snowflake from $240.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, August 28th. Finally, HSBC downgraded Snowflake from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two 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 given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $255.53.

About Snowflake

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.