State of New Jersey Common Pension Fund D Acquires 5,663 Shares of Snowflake Inc. $SNOW

Key Points

• The State of New Jersey Common Pension Fund D increased its holdings in Snowflake Inc. by 5.6%, purchasing an additional 5,663 shares in the second quarter, bringing its total to 107,048 shares valued at approximately $23.95 million.
• Wall Street analysts have raised their price targets for Snowflake, with Barclays increasing theirs to $255 and Needham & Company raising theirs to $280, reflecting positive sentiment around the stock.
• Snowflake reported $1.14 billion in revenue for the last quarter, surpassing estimates, and experienced a 31.8% year-over-year revenue increase, showcasing strong growth potential.

State of New Jersey Common Pension Fund D boosted its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 5.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,048 shares of the company's stock after purchasing an additional 5,663 shares during the period. State of New Jersey Common Pension Fund D's holdings in Snowflake were worth $23,954,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake 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 purchasing an additional 316,573 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in Snowflake in the second quarter worth $3,900,134,000. Price T Rowe Associates Inc. MD lifted its stake in Snowflake by 19.2% in 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 purchasing an additional 763,673 shares during the last quarter. Nuveen LLC bought a new position in shares of Snowflake during the first quarter valued at about $555,847,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Snowflake by 22.2% during 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 last quarter. 65.10% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SNOW shares. Barclays upped their price objective on shares of Snowflake from $219.00 to $255.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Needham & Company LLC upped their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. increased their price target on shares of Snowflake from $225.00 to $255.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Snowflake in a research note on Friday. Finally, Monness Crespi & Hardt increased their price target on shares of Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $257.24.

Snowflake Price Performance

Shares of SNOW opened at $257.84 on Friday. The stock has a market cap of $87.36 billion, a PE ratio of -62.13 and a beta of 1.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. Snowflake Inc. has a fifty-two week low of $113.23 and a fifty-two week high of $259.75. The firm's 50-day simple moving average is $227.78 and its two-hundred day simple moving average is $205.48.

Snowflake (NYSE:SNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The firm's quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. Analysts anticipate that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

Insider Activity at Snowflake

In related news, CAO Emily Ho sold 1,658 shares of the firm's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total transaction of $373,464.50. Following the completion of the sale, the chief accounting officer owned 31,745 shares of the company's stock, valued at $7,150,561.25. This trade represents a 4.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Slootman sold 7,551 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the sale, the director directly owned 153,226 shares of the company's stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,182,434 shares of company stock valued at $270,280,661 over the last ninety days. Corporate insiders own 6.80% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.