Strs Ohio Invests $10.21 Million in Snowflake Inc. $SNOW

Key Points

• Strs Ohio has invested approximately $10.21 million in Snowflake Inc., acquiring 69,847 shares in the first quarter.
• Snowflake reported earnings of $0.35 per share for the last quarter, surpassing analyst estimates and achieving a 31.8% year-over-year revenue growth.
• Several research firms have recently increased their price targets for Snowflake, with KeyCorp and Oppenheimer setting targets as high as $275.00.

Strs Ohio acquired a new position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,847 shares of the company's stock, valued at approximately $10,209,000.

Several other large investors also recently modified their holdings of the company. SWS Partners increased its position in shares of Snowflake by 2.5% during the first quarter. SWS Partners now owns 20,683 shares of the company's stock worth $3,023,000 after buying an additional 507 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Snowflake by 29.7% during the first quarter. Geneos Wealth Management Inc. now owns 319 shares of the company's stock worth $47,000 after buying an additional 73 shares during the period. IFM Investors Pty Ltd increased its position in shares of Snowflake by 0.5% during the first quarter. IFM Investors Pty Ltd now owns 54,020 shares of the company's stock worth $7,896,000 after buying an additional 274 shares during the period. Intech Investment Management LLC grew its holdings in Snowflake by 24.0% in the first quarter. Intech Investment Management LLC now owns 11,202 shares of the company's stock worth $1,637,000 after purchasing an additional 2,167 shares during the period. Finally, Focus Partners Wealth grew its holdings in Snowflake by 0.5% in the first quarter. Focus Partners Wealth now owns 99,545 shares of the company's stock worth $14,550,000 after purchasing an additional 460 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Snowflake Stock Down 1.5%

SNOW opened at $221.17 on Friday. The stock has a market cap of $73.84 billion, a price-to-earnings ratio of -53.29 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.48 and a debt-to-equity ratio of 0.96. The company's 50-day moving average price is $212.83 and its two-hundred day moving average price is $189.09. Snowflake Inc. has a twelve month low of $108.71 and a twelve month high of $249.99.

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. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. Snowflake's revenue was up 31.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 EPS. As a group, equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on SNOW. Macquarie raised their price target on shares of Snowflake from $210.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. KeyCorp raised their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Oppenheimer raised their price target on shares of Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Robert W. Baird raised their price target on shares of Snowflake from $215.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, August 28th. Finally, Stephens began coverage on shares of Snowflake in a report on Friday, July 18th. They issued an "overweight" rating and a $261.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $255.53.

Insider Buying and Selling at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of Snowflake stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $224.84, for a total transaction of $90,610.52. Following the completion of the transaction, the director directly owned 25,733 shares of the company's stock, valued at $5,785,807.72. This trade represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 548 shares of Snowflake stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $223.86, for a total transaction of $122,675.28. Following the transaction, the executive vice president directly owned 553,733 shares of the company's stock, valued at approximately $123,958,669.38. This trade represents a 0.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,224,389 shares of company stock valued at $719,812,350 in the last quarter. Company insiders own 6.80% of the company's stock.

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.

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