Employees Retirement System of Texas Buys 32,435 Shares of Snowflake Inc. (NYSE:SNOW)

Employees Retirement System of Texas grew its stake in shares of Snowflake Inc. (NYSE:SNOW) by 300.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,235 shares of the company’s stock after purchasing an additional 32,435 shares during the quarter. Employees Retirement System of Texas’ holdings in Snowflake were worth $6,676,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in Snowflake during the 4th quarter valued at approximately $29,000. West Paces Advisors Inc. bought a new position in shares of Snowflake during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in Snowflake in the fourth quarter worth $31,000. Capital A Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter worth $31,000. Finally, Carolinas Wealth Consulting LLC bought a new stake in Snowflake in the fourth quarter valued at $32,000. Institutional investors own 65.10% of the company’s stock.

Insider Transactions at Snowflake

In related news, Director Michael L. Speiser sold 403 shares of the stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $129.25, for a total value of $52,087.75. Following the completion of the transaction, the director now owns 26,375 shares of the company’s stock, valued at approximately $3,408,968.75. This trade represents a 1.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christian Kleinerman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $171.75, for a total value of $2,576,250.00. Following the sale, the executive vice president now owns 594,975 shares in the company, valued at approximately $102,186,956.25. This trade represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,963 shares of company stock valued at $58,204,058 in the last ninety days. Corporate insiders own 7.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on SNOW shares. Piper Sandler restated an “overweight” rating and issued a $215.00 price objective (up from $175.00) on shares of Snowflake in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $205.00 target price on shares of Snowflake in a research report on Monday, May 19th. Loop Capital set a $220.00 price target on shares of Snowflake and gave the company a “buy” rating in a research report on Thursday. Hsbc Global Res lowered shares of Snowflake from a “hold” rating to a “strong sell” rating in a research note on Thursday. Finally, BTIG Research reaffirmed a “buy” rating on shares of Snowflake in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $217.33.

Snowflake Stock Down 1.6%

Shares of SNOW stock opened at $199.99 on Monday. The company’s fifty day simple moving average is $159.20 and its two-hundred day simple moving average is $164.14. Snowflake Inc. has a 52 week low of $107.13 and a 52 week high of $205.40. The stock has a market cap of $66.02 billion, a P/E ratio of -58.99 and a beta of 1.11. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.

Snowflake (NYSE:SNOW) last posted its earnings results on Wednesday, May 21st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Snowflake had a negative return on equity of 24.23% and a negative net margin of 33.02%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 earnings per share. Analysts predict that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

Snowflake 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.