Illinois Municipal Retirement Fund Reduces Position in Snowflake Inc. $SNOW

Illinois Municipal Retirement Fund lessened its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 58.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,279 shares of the company’s stock after selling 3,158 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Snowflake were worth $344,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SNOW. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Snowflake by 76.9% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,171,833 shares of the company’s stock worth $176,736,000 after buying an additional 509,230 shares during the period. NFSG Corp grew its stake in Snowflake by 34.5% in the 1st quarter. NFSG Corp now owns 41,718 shares of the company’s stock valued at $6,292,000 after buying an additional 10,696 shares in the last quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group bought a new stake in Snowflake during the 1st quarter valued at $5,882,000. Zweig DiMenna Associates LLC bought a new stake in Snowflake during the 1st quarter valued at $5,972,000. Finally, ABC Arbitrage SA purchased a new stake in shares of Snowflake during the first quarter worth $219,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Snowflake Stock Up 1.1%

SNOW opened at $268.15 on Friday. The firm has a market capitalization of $92.94 billion, a P/E ratio of -76.18 and a beta of 1.35. Snowflake Inc. has a one year low of $118.30 and a one year high of $284.99. The company has a fifty day moving average price of $239.11 and a 200-day moving average price of $195.38. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.05 and a quick ratio of 1.05.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The firm’s revenue was up 33.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 earnings per share. Equities research analysts expect that Snowflake Inc. will post -1.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael L. Speiser sold 50,338 shares of Snowflake stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $141.60, for a total transaction of $7,127,860.80. Following the completion of the sale, the director owned 28,556 shares in the company, valued at approximately $4,043,529.60. This trade represents a 63.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Garrett sold 100,000 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $250.00, for a total value of $25,000,000.00. Following the transaction, the director directly owned 8,801 shares of the company’s stock, valued at $2,200,250. The trade was a 91.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,802,015 shares of company stock worth $421,739,629 in the last ninety days. 4.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SNOW shares. The Goldman Sachs Group raised their price target on Snowflake from $216.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. HSBC set a $289.00 price objective on Snowflake and gave the company a “buy” rating in a research note on Friday, May 29th. Truist Financial raised their target price on Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Citigroup raised their target price on Snowflake from $260.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Finally, Cantor Fitzgerald lifted their target price on Snowflake from $225.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Thirty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $296.27.

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.