Strs Ohio Lowers Stake in Snowflake Inc. $SNOW

Strs Ohio lessened its stake in shares of Snowflake Inc. (NYSE:SNOW) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 243,682 shares of the company’s stock after selling 6,498 shares during the quarter. Strs Ohio owned approximately 0.07% of Snowflake worth $54,962,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SNOW. Norges Bank bought a new stake in Snowflake during the second quarter valued at about $944,895,000. Winslow Capital Management LLC purchased a new stake in shares of Snowflake during the second quarter valued at about $725,667,000. Jennison Associates LLC lifted its position in shares of Snowflake by 20.5% during the second quarter. Jennison Associates LLC now owns 8,000,667 shares of the company’s stock valued at $1,790,309,000 after buying an additional 1,363,389 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Snowflake by 272.4% in the 2nd quarter. Sei Investments Co. now owns 1,593,329 shares of the company’s stock valued at $356,543,000 after buying an additional 1,165,515 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its holdings in shares of Snowflake by 15.2% in the 2nd 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 in the last quarter. 65.10% of the stock is owned by institutional investors.

Snowflake Stock Up 2.4%

Shares of SNOW stock opened at $211.38 on Friday. Snowflake Inc. has a fifty-two week low of $120.10 and a fifty-two week high of $280.67. The firm has a market capitalization of $72.33 billion, a PE ratio of -52.32 and a beta of 1.14. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.37 and a current ratio of 1.37. The stock’s 50-day simple moving average is $228.45 and its 200-day simple moving average is $228.37.

Snowflake (NYSE:SNOW) last issued its earnings results on Wednesday, December 3rd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the firm earned $0.20 earnings per share. Snowflake’s revenue for the quarter was up 28.7% on a year-over-year basis. Equities analysts expect that Snowflake Inc. will post -2.36 earnings per share for the current year.

Analysts Set New Price Targets

SNOW has been the subject of a number of analyst reports. Scotiabank reissued an “outperform” rating on shares of Snowflake in a research report on Thursday, December 4th. Wells Fargo & Company upped their price target on Snowflake from $275.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Snowflake in a report on Wednesday. JMP Securities raised their price objective on Snowflake from $283.00 to $325.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 28th. Finally, UBS Group reaffirmed a “buy” rating on shares of Snowflake in a research report on Thursday, December 4th. Two 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. According to MarketBeat, Snowflake has an average rating of “Moderate Buy” and a consensus price target of $275.58.

Insider Transactions at Snowflake

In related news, Director Frank Slootman sold 200,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director owned 50,329 shares of the company’s stock, valued at $10,406,527.33. This trade represents a 79.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $219.90, for a total transaction of $2,199,000.00. Following the transaction, the executive vice president owned 471,351 shares of the company’s stock, valued at $103,650,084.90. This represents a 2.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 618,681 shares of company stock valued at $137,427,145. 6.80% of the stock is owned by corporate insiders.

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.