Snowflake Inc. $SNOW Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its stake in Snowflake Inc. (NYSE:SNOW) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,617 shares of the company’s stock after selling 1,614 shares during the period. Teacher Retirement System of Texas’ holdings in Snowflake were worth $12,445,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Trust Co. of Toledo NA OH acquired a new stake in Snowflake in the second quarter valued at $25,000. Avion Wealth raised its stake in Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock valued at $25,000 after buying an additional 49 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock valued at $31,000 after buying an additional 187 shares in the last quarter. Whittier Trust Co. raised its stake in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock valued at $31,000 after buying an additional 82 shares in the last quarter. Finally, LGT Financial Advisors LLC acquired a new stake in Snowflake in the second quarter valued at $36,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SNOW shares. Wedbush raised their price target on Snowflake from $250.00 to $270.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. BTIG Research raised their price target on Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Needham & Company LLC raised their price objective on Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Canaccord Genuity Group lifted their target price on Snowflake from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Raymond James Financial lifted their target price on Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $258.95.

Insider Buying and Selling

In related news, Director Frank Slootman sold 710,083 shares of the business’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the transaction, the director owned 165,507 shares in the company, valued at $38,144,398.29. The trade was a 81.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $233.50, for a total value of $2,335,000.00. Following the completion of the transaction, the executive vice president owned 527,336 shares in the company, valued at $123,132,956. This trade represents a 1.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,182,434 shares of company stock worth $270,280,661. Insiders own 6.80% of the company’s stock.

Snowflake Stock Performance

Shares of SNOW stock opened at $267.31 on Wednesday. The stock has a market capitalization of $90.56 billion, a PE ratio of -64.41 and a beta of 1.21. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $270.94. The stock’s 50-day moving average price is $230.64 and its 200 day moving average price is $208.03. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

Snowflake (NYSE:SNOW) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Snowflake had a negative return on equity of 42.98% and a negative net margin of 33.53%.The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. As a group, equities research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Snowflake Company 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.