New York State Common Retirement Fund Cuts Stock Holdings in Snowflake Inc. (NYSE:SNOW)

New York State Common Retirement Fund decreased its position in shares of Snowflake Inc. (NYSE:SNOW) by 6.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 419,700 shares of the company’s stock after selling 26,820 shares during the quarter. New York State Common Retirement Fund owned 0.13% of Snowflake worth $83,520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Telemus Capital LLC boosted its holdings in Snowflake by 12.9% in the fourth quarter. Telemus Capital LLC now owns 2,687 shares of the company’s stock worth $535,000 after purchasing an additional 308 shares during the last quarter. Duality Advisers LP purchased a new position in shares of Snowflake during the 4th quarter worth $4,365,000. Capital Investment Advisory Services LLC boosted its stake in shares of Snowflake by 7.9% during the 4th quarter. Capital Investment Advisory Services LLC now owns 1,571 shares of the company’s stock worth $313,000 after acquiring an additional 115 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Snowflake by 59.3% during the 4th quarter. Handelsbanken Fonder AB now owns 96,528 shares of the company’s stock worth $19,209,000 after acquiring an additional 35,916 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Snowflake by 5.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,848 shares of the company’s stock worth $6,338,000 after acquiring an additional 1,577 shares during the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SNOW. Barclays dropped their price target on shares of Snowflake from $198.00 to $188.00 and set an “equal weight” rating on the stock in a research note on Friday, March 1st. JPMorgan Chase & Co. decreased their price objective on shares of Snowflake from $200.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Monness Crespi & Hardt upgraded shares of Snowflake from a “sell” rating to a “neutral” rating in a research report on Monday, March 18th. Oppenheimer decreased their price target on shares of Snowflake from $240.00 to $220.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Finally, Citigroup cut their price objective on Snowflake from $290.00 to $240.00 and set a “buy” rating for the company in a research report on Monday, March 4th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Snowflake Price Performance

NYSE SNOW traded up $3.25 during midday trading on Tuesday, hitting $150.46. 2,169,782 shares of the company traded hands, compared to its average volume of 6,560,353. The company has a market cap of $50.28 billion, a PE ratio of -58.85 and a beta of 0.91. The company’s 50-day simple moving average is $176.10 and its 200-day simple moving average is $179.38. Snowflake Inc. has a 52 week low of $135.26 and a 52 week high of $237.72.

Snowflake (NYSE:SNOW) last announced its earnings results on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.05. Snowflake had a negative return on equity of 13.79% and a negative net margin of 29.79%. The business had revenue of $774.70 million for the quarter, compared to analysts’ expectations of $759.86 million. On average, research analysts predict that Snowflake Inc. will post -1.9 earnings per share for the current year.

Insider Activity

In other news, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $161.42, for a total transaction of $110,249.86. Following the completion of the sale, the executive vice president now owns 86,208 shares in the company, valued at approximately $13,915,695.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Snowflake news, SVP Christian Kleinerman sold 10,000 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $210.00, for a total transaction of $2,100,000.00. Following the sale, the senior vice president now directly owns 746,567 shares of the company’s stock, valued at approximately $156,779,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Grzegorz Czajkowski sold 683 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $161.42, for a total value of $110,249.86. Following the sale, the executive vice president now directly owns 86,208 shares in the company, valued at $13,915,695.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,209 shares of company stock worth $36,391,592. Insiders own 8.30% of the company’s stock.

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.