Snowflake Inc. $SNOW Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in Snowflake Inc. by 8.7%, owning 101,385 shares worth approximately $14.8 million after selling 9,661 shares during the first quarter.
• Goldman Sachs increased its position in Snowflake by 22.2%, making it one of the largest shareholders, while a considerable 65.10% of the company's stock is held by institutional investors.
• Snowflake reported earnings with a $0.24 EPS, surpassing analyst expectations, and saw a 25.8% revenue increase from the same quarter last year, totaling $1.04 billion.

State of New Jersey Common Pension Fund D reduced its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 8.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 101,385 shares of the company's stock after selling 9,661 shares during the period. State of New Jersey Common Pension Fund D's holdings in Snowflake were worth $14,818,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Ethic Inc. grew its position in Snowflake by 10.0% during the 1st quarter. Ethic Inc. now owns 27,294 shares of the company's stock worth $4,082,000 after purchasing an additional 2,472 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Snowflake by 29.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 5,786 shares of the company's stock valued at $846,000 after purchasing an additional 1,314 shares in the last quarter. Aberdeen Group plc lifted its position in shares of Snowflake by 4.7% during the 1st quarter. Aberdeen Group plc now owns 57,128 shares of the company's stock valued at $8,350,000 after acquiring an additional 2,549 shares during the period. Fox Run Management L.L.C. raised its holdings in Snowflake by 135.9% during the first quarter. Fox Run Management L.L.C. now owns 7,005 shares of the company's stock worth $1,024,000 after purchasing an additional 4,035 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC raised its stake in shares of Snowflake by 73.9% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 3,924 shares of the company's stock worth $573,000 after buying an additional 1,668 shares during the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Down 2.9%

SNOW traded down $5.7060 during trading on Tuesday, hitting $192.5340. The company had a trading volume of 3,512,691 shares, compared to its average volume of 3,981,377. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27. 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 company has a market cap of $64.28 billion, a PE ratio of -45.73 and a beta of 1.22. The business has a 50-day moving average of $211.94 and a 200-day moving average of $184.73.

Snowflake (NYSE:SNOW - Get Free Report) last issued its 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. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business posted $0.14 EPS. The company's revenue for the quarter was up 25.8% on a year-over-year basis. As a group, analysts forecast that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Frank Slootman sold 424,852 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael Scarpelli sold 400,000 shares of Snowflake 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 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,014,642 shares of company stock worth $657,325,186. 6.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SNOW shares. Cowen reaffirmed a "buy" rating on shares of Snowflake in a research note on Thursday, May 22nd. Stifel Nicolaus raised their target price on shares of Snowflake from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley started coverage on Snowflake in a research report on Tuesday, June 24th. They set an "overweight" rating and a $262.00 price target for the company. Jefferies Financial Group boosted their price objective on shares of Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, CICC Research initiated coverage on Snowflake in a research note on Friday, June 20th. They issued an "outperform" rating and a $225.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $226.32.

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.