California Public Employees Retirement System Grows Stock Holdings in Snowflake Inc. $SNOW

California Public Employees Retirement System lifted its position in shares of Snowflake Inc. (NYSE:SNOW) by 7.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 502,218 shares of the company’s stock after purchasing an additional 33,070 shares during the period. California Public Employees Retirement System owned 0.15% of Snowflake worth $112,381,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SNOW. Cerity Partners LLC raised its position in Snowflake by 14.1% during the 2nd quarter. Cerity Partners LLC now owns 115,549 shares of the company’s stock valued at $25,856,000 after purchasing an additional 14,256 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Snowflake by 38.2% in the 2nd quarter. Federated Hermes Inc. now owns 359,626 shares of the company’s stock worth $80,474,000 after buying an additional 99,412 shares during the last quarter. Clear Street LLC purchased a new position in shares of Snowflake during the second quarter valued at approximately $6,578,000. Avestar Capital LLC raised its holdings in shares of Snowflake by 5.9% during the second quarter. Avestar Capital LLC now owns 6,412 shares of the company’s stock valued at $1,435,000 after acquiring an additional 359 shares in the last quarter. Finally, Flow Traders U.S. LLC purchased a new stake in Snowflake in the second quarter worth $221,000. 65.10% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares in the company, valued at $33,899,720.24. This trade represents a 4.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $257.30, for a total value of $12,951,967.40. Following the completion of the transaction, the director directly owned 33,596 shares of the company’s stock, valued at approximately $8,644,250.80. This represents a 59.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 170,564 shares of company stock worth $41,676,989 in the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SNOW shares. JMP Securities lifted their price target on shares of Snowflake from $283.00 to $325.00 and gave the company a “market outperform” rating in a report on Tuesday, October 28th. Wells Fargo & Company lifted their target price on shares of Snowflake from $275.00 to $290.00 and gave the company an “overweight” rating in a research note on Thursday. Evercore ISI boosted their price target on shares of Snowflake from $280.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday. Sanford C. Bernstein reissued a “market perform” rating and issued a $237.00 price target on shares of Snowflake in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price objective on shares of Snowflake in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $275.05.

Snowflake Trading Down 2.3%

NYSE:SNOW opened at $229.42 on Monday. The firm has a market capitalization of $77.73 billion, a P/E ratio of -56.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.48 and a quick ratio of 1.48. Snowflake Inc. has a one year low of $120.10 and a one year high of $280.67. The company’s 50-day simple moving average is $251.34 and its 200 day simple moving average is $226.88.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, December 3rd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.04. Snowflake had a negative net margin of 30.76% and a negative return on equity of 43.84%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. As a group, analysts forecast that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.