Strs Ohio Grows Stake in Snowflake Inc. $SNOW

Key Points

• Strs Ohio increased its Snowflake stake by 3.5% in the first quarter, adding 11,365 shares and bringing its total holdings to 338,769 shares worth about $51.1 million.
• Snowflake posted stronger-than-expected quarterly results, reporting $0.39 EPS on $1.39 billion in revenue, both ahead of analyst estimates, with revenue up 33.5% year over year.
• Analysts remain broadly bullish on SNOW, with a consensus rating of “Moderate Buy” and an average price target of $293.53, while several recent price targets were raised as well.

Strs Ohio raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 3.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 338,769 shares of the company's stock after purchasing an additional 11,365 shares during the period. Strs Ohio owned about 0.10% of Snowflake worth $51,093,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Snowflake by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 30,095,687 shares of the company's stock valued at $6,601,790,000 after buying an additional 1,448,094 shares during the period. Jennison Associates LLC lifted its stake in Snowflake by 27.7% in the fourth quarter. Jennison Associates LLC now owns 11,603,302 shares of the company's stock worth $2,545,300,000 after acquiring an additional 2,519,413 shares during the period. Nuveen LLC grew its holdings in Snowflake by 2.3% during the 4th quarter. Nuveen LLC now owns 5,277,851 shares of the company's stock worth $1,157,749,000 after acquiring an additional 116,521 shares in the last quarter. Geode Capital Management LLC grew its holdings in Snowflake by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,809,689 shares of the company's stock worth $1,052,195,000 after acquiring an additional 249,668 shares in the last quarter. Finally, Norges Bank purchased a new position in Snowflake during the 4th quarter valued at about $974,091,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Snowflake Stock Down 0.6%

Shares of Snowflake stock opened at $259.67 on Friday. The firm's 50 day moving average price is $200.69 and its 200-day moving average price is $189.97. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18. Snowflake Inc. has a 52-week low of $118.30 and a 52-week high of $284.99. The company has a market cap of $90.00 billion, a P/E ratio of -73.77 and a beta of 1.35.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.32 billion. Snowflake had a negative net margin of 23.79% and a negative return on equity of 50.50%. Snowflake's revenue was up 33.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 EPS. On average, sell-side analysts predict that Snowflake Inc. will post -1.87 EPS for the current fiscal year.

Insider Transactions at Snowflake

In other news, Director Michael L. Speiser sold 50,338 shares of the company's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $148.21, for a total transaction of $7,460,594.98. Following the transaction, the director directly owned 29,396 shares of the company's stock, valued at approximately $4,356,781.16. This represents a 63.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $250.00, for a total value of $25,000,000.00. Following the sale, the director owned 8,801 shares of the company's stock, valued at approximately $2,200,250. This represents a 91.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,798,828 shares of company stock valued at $415,351,838. Corporate insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

SNOW has been the subject of several recent research reports. Stifel Nicolaus boosted their price target on shares of Snowflake from $205.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 28th. HSBC set a $289.00 price objective on shares of Snowflake and gave the company a "buy" rating in a research note on Friday, May 29th. Sanford C. Bernstein boosted their price objective on shares of Snowflake from $195.00 to $250.00 and gave the stock a "market perform" rating in a research note on Thursday, May 28th. Truist Financial upped their target price on Snowflake from $275.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Finally, Evercore set a $200.00 target price on Snowflake in a research report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $293.53.

Snowflake Profile

Snowflake Inc is a cloud-native data platform company that provides a suite of services for storing, processing and analyzing large volumes of data. Its core offering, often described as the Snowflake Data Cloud, combines data warehousing, data lake and data sharing capabilities in a single managed service delivered across major public cloud providers. The platform is designed to support analytics, data engineering, data science and application workloads with a focus on scalability, concurrency and simplified administration.

Key products and capabilities include a multi-cluster, shared-data architecture that separates compute from storage; continuous data ingestion and streaming; support for structured and semi-structured data formats; tools for data governance, security and compliance; and developer frameworks for building data applications.

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