Ontario Teachers Pension Plan Board Purchases 182,819 Shares of Snowflake Inc. (NYSE:SNOW)

Key Points

• Ontario Teachers Pension Plan Board increased its stake in Snowflake Inc. by 19.1%, holding 1,138,056 shares valued at approximately $166.34 million, making it the company's 16th largest holding.
• Analysts have raised their price targets for Snowflake, with projections ranging from $210 to $245, and the stock has garnered an average rating of "Moderate Buy."
• Insiders have recently sold significant amounts of stock, including CFO Michael Scarpelli and Director Frank Slootman, indicating a 57.75% and 71.97% decrease in their respective holdings.

Ontario Teachers Pension Plan Board raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 19.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,138,056 shares of the company's stock after purchasing an additional 182,819 shares during the quarter. Snowflake accounts for about 2.4% of Ontario Teachers Pension Plan Board's investment portfolio, making the stock its 16th biggest holding. Ontario Teachers Pension Plan Board owned 0.34% of Snowflake worth $166,338,000 at the end of the most recent reporting period.

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

Snowflake Price Performance

Snowflake stock traded down $14.46 during mid-day trading on Friday, reaching $191.94. 8,603,458 shares of the company's stock traded hands, compared to its average volume of 3,533,447. The company has a market cap of $64.08 billion, a price-to-earnings ratio of -45.59 and a beta of 1.22. The stock has a 50 day moving average of $213.98 and a two-hundred day moving average of $183.92. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $229.27.

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

Insider Buying and Selling at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $208.69, for a total transaction of $84,102.07. Following the sale, the director owned 26,136 shares of the company's stock, valued at $5,454,321.84. This represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Slootman sold 256,046 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $227.15, for a total transaction of $58,160,848.90. Following the sale, the director directly owned 165,507 shares in the company, valued at approximately $37,594,915.05. The trade was a 60.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,014,642 shares of company stock worth $657,325,186 in the last ninety days. Company insiders own 6.80% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on SNOW shares. Jefferies Financial Group boosted their target price on shares of Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research report on Monday, June 9th. DA Davidson restated a "buy" rating and set a $250.00 target price on shares of Snowflake in a research report on Wednesday, June 4th. Barclays restated an "overweight" rating and set a $219.00 target price (up from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. UBS Group upgraded shares of Snowflake from a "neutral" rating to a "buy" rating and boosted their target price for the company from $210.00 to $265.00 in a research report on Wednesday, June 4th. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Snowflake in a research report on Thursday, May 22nd. Two 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $226.73.

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.