Vestcor Inc Has $2.96 Million Stock Position in Snowflake Inc. (NYSE:SNOW)

Key Points

• Vestcor Inc increased its stock holdings in Snowflake Inc. by 242.2% during the first quarter, owning 20,277 shares worth approximately $2.96 million after adding 14,351 shares.
• Several institutional investors, including Brighton Jones LLC and Brown Brothers Harriman & Co., significantly increased their stake in Snowflake, indicating strong interest from the hedge fund sector.
• Analysts maintain a generally optimistic outlook for Snowflake, with a consensus rating of Moderate Buy and a price target of $226.73, despite some analysts issuing sell ratings.

Vestcor Inc raised its holdings in Snowflake Inc. (NYSE:SNOW - Free Report) by 242.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,277 shares of the company's stock after buying an additional 14,351 shares during the quarter. Vestcor Inc's holdings in Snowflake were worth $2,964,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. XTX Topco Ltd acquired a new stake in shares of Snowflake in the 1st quarter valued at $4,782,000. Harvest Fund Management Co. Ltd boosted its stake in shares of Snowflake by 141.6% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 13,690 shares of the company's stock valued at $1,999,000 after purchasing an additional 8,023 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Snowflake in the 1st quarter valued at $835,000. GSA Capital Partners LLP boosted its stake in shares of Snowflake by 132.3% in the 1st quarter. GSA Capital Partners LLP now owns 10,158 shares of the company's stock valued at $1,485,000 after purchasing an additional 5,786 shares in the last quarter. Finally, Valliance Asset Management Ltd acquired a new stake in shares of Snowflake in the 1st quarter valued at $731,000. Institutional investors own 65.10% of the company's stock.

Snowflake Trading Down 8.2%

Shares of SNOW stock traded down $18.43 during mid-day trading on Friday, reaching $205.07. 8,572,486 shares of the stock traded hands, compared to its average volume of 3,088,446. The stock's fifty day simple moving average is $213.88 and its two-hundred day simple moving average is $182.72. Snowflake Inc. has a 1-year low of $107.13 and a 1-year high of $229.27. The company has a market cap of $68.46 billion, a price-to-earnings ratio of -48.71 and a beta of 1.22. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Truist Financial boosted their target price on shares of Snowflake from $210.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Barclays reiterated an "overweight" rating and set a $219.00 price target (up previously from $203.00) on shares of Snowflake in a research report on Thursday, May 22nd. Wells Fargo & Company reissued an "overweight" rating and set a $250.00 price objective (up previously from $225.00) on shares of Snowflake in a report on Friday, June 13th. UBS Group raised shares of Snowflake from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $210.00 to $265.00 in a report on Wednesday, June 4th. Finally, Scotiabank reissued an "outperform" rating on shares of Snowflake in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $226.73.

Insider Buying and Selling

In related news, CFO Michael Scarpelli sold 400,000 shares of Snowflake stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $205.36, for a total value of $82,144,000.00. Following the transaction, the chief financial officer directly owned 292,610 shares of the company's stock, valued at $60,090,389.60. The trade was a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Garrett sold 67,000 shares of Snowflake stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the transaction, the director directly owned 7,428 shares in the company, valued at approximately $1,478,023.44. This represents a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,697,855 shares of company stock valued at $586,415,198 over the last ninety days. 6.80% of the stock is owned by company insiders.

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.