New York State Common Retirement Fund Grows Stock Holdings in Snowflake Inc. $SNOW

New York State Common Retirement Fund grew its position in shares of Snowflake Inc. (NYSE:SNOW) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 424,438 shares of the company’s stock after buying an additional 14,451 shares during the quarter. New York State Common Retirement Fund’s holdings in Snowflake were worth $95,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Snowflake by 2.2% in the second quarter. Vanguard Group Inc. now owns 27,789,761 shares of the company’s stock worth $6,218,515,000 after acquiring an additional 595,553 shares during the period. Jennison Associates LLC raised its holdings in Snowflake by 13.5% during the third quarter. Jennison Associates LLC now owns 9,083,889 shares of the company’s stock valued at $2,048,871,000 after acquiring an additional 1,083,222 shares during the period. State Street Corp raised its stake in Snowflake by 1.4% during the 2nd quarter. State Street Corp now owns 6,887,073 shares of the company’s stock valued at $1,541,120,000 after purchasing an additional 94,293 shares during the period. Artisan Partners Limited Partnership raised its position in shares of Snowflake by 15.2% during the second quarter. Artisan Partners Limited Partnership now owns 4,951,715 shares of the company’s stock valued at $1,108,045,000 after buying an additional 652,485 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Snowflake by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 4,424,120 shares of the company’s stock valued at $986,057,000 after acquiring an additional 133,059 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SNOW. Stifel Nicolaus lifted their price objective on Snowflake from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, December 4th. UBS Group reissued a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. Scotiabank reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday, December 4th. Macquarie increased their price objective on Snowflake from $235.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, December 4th. Finally, DA Davidson restated a “buy” rating and issued a $300.00 price objective on shares of Snowflake in a report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Snowflake has a consensus rating of “Moderate Buy” and an average target price of $275.58.

Insider Buying and Selling at Snowflake

In related news, CAO Emily Ho sold 1,072 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $223.63, for a total value of $239,731.36. Following the transaction, the chief accounting officer owned 43,809 shares in the company, valued at approximately $9,797,006.67. This represents a 2.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 200,000 shares of Snowflake stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $206.77, for a total transaction of $41,354,000.00. Following the sale, the director owned 50,329 shares of the company’s stock, valued at approximately $10,406,527.33. The trade was a 79.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 613,681 shares of company stock valued at $136,052,145. Company insiders own 6.80% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW opened at $199.32 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07. The firm has a market cap of $68.21 billion, a PE ratio of -49.34 and a beta of 1.14. Snowflake Inc. has a 12 month low of $120.10 and a 12 month high of $280.67. The stock has a fifty day moving average price of $224.18 and a 200-day moving average price of $228.05.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.04. Snowflake had a negative return on equity of 45.91% and a negative net margin of 30.76%.The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the company posted $0.20 EPS. The firm’s quarterly revenue was up 28.7% compared to the same quarter last year. Equities research analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current fiscal year.

About Snowflake

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.