TIAA Trust National Association Purchases New Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• TIAA Trust National Association acquired a new stake in Snowflake Inc., purchasing 126,448 shares valued at approximately $18.48 million during the first quarter.
• Despite these investments, Snowflake shares have experienced a decline, trading down 8.2% recently, with a market cap of $68.46 billion.
• Snowflake reported earnings of $0.24 per share for the last quarter, surpassing analysts’ expectations, with revenue up 25.8% year-over-year.

TIAA Trust National Association purchased a new stake in shares of Snowflake Inc. (NYSE:SNOW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 126,448 shares of the company's stock, valued at approximately $18,482,000.

Several other large investors have also recently bought and sold shares of the stock. Moors & Cabot Inc. boosted its position in Snowflake by 13.9% during the first quarter. Moors & Cabot Inc. now owns 2,100 shares of the company's stock valued at $307,000 after purchasing an additional 257 shares during the last quarter. Jefferies Financial Group Inc. raised its stake in Snowflake by 133.6% in the first quarter. Jefferies Financial Group Inc. now owns 14,331 shares of the company's stock valued at $2,095,000 after buying an additional 8,196 shares during the period. US Bancorp DE raised its stake in Snowflake by 17.8% in the first quarter. US Bancorp DE now owns 30,838 shares of the company's stock valued at $4,507,000 after buying an additional 4,669 shares during the period. Lyell Wealth Management LP raised its stake in Snowflake by 5.1% in the first quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock valued at $8,870,000 after buying an additional 2,955 shares during the period. Finally, Natixis Advisors LLC raised its stake in Snowflake by 16.1% in the first quarter. Natixis Advisors LLC now owns 13,808 shares of the company's stock valued at $2,018,000 after buying an additional 1,914 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Snowflake Trading Down 8.2%

Shares of SNOW stock opened at $205.07 on Friday. The stock's fifty day moving average price is $213.88 and its two-hundred day moving average price is $182.84. The company has a market cap of $68.46 billion, a PE ratio of -48.71 and a beta of 1.22. Snowflake Inc. has a fifty-two week low of $107.13 and a fifty-two week high of $229.27. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.58 and a current ratio of 1.58.

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

Insiders Place Their Bets

In related news, Director Frank Slootman sold 100,483 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $223.55, for a total transaction of $22,462,974.65. Following the sale, the director owned 165,507 shares of the company's stock, valued at $36,999,089.85. This trade represents a 37.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $217.74, for a total value of $249,530.04. Following the sale, the director directly owned 4,474 shares in the company, valued at approximately $974,168.76. This trade represents a 20.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,697,855 shares of company stock worth $586,415,198. 6.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on SNOW shares. Citigroup restated an "outperform" rating on shares of Snowflake in a research note on Thursday, May 22nd. Piper Sandler restated an "overweight" rating and issued a $215.00 price objective (up previously from $175.00) on shares of Snowflake in a research note on Wednesday, May 21st. Loop Capital upped their price objective on Snowflake from $220.00 to $245.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Cantor Fitzgerald upped their price objective on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Finally, Jefferies Financial Group upped their price objective on Snowflake from $220.00 to $250.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $226.73.

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.

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