Vestcor Inc Buys 14,351 Shares of Snowflake Inc. (NYSE:SNOW)

Vestcor Inc grew its position in Snowflake Inc. (NYSE:SNOW) by 242.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 20,277 shares of the company’s stock after buying an additional 14,351 shares during the period. Vestcor Inc’s holdings in Snowflake were worth $2,964,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. FMR LLC increased its holdings in Snowflake by 84.9% during the fourth quarter. FMR LLC now owns 6,108,123 shares of the company’s stock valued at $943,155,000 after buying an additional 2,805,425 shares during the last quarter. Geode Capital Management LLC increased its holdings in Snowflake by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 4,167,460 shares of the company’s stock valued at $642,742,000 after buying an additional 15,314 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Snowflake by 124.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,968,755 shares of the company’s stock valued at $612,817,000 after buying an additional 2,200,406 shares during the last quarter. Baillie Gifford & Co. increased its holdings in Snowflake by 8.2% during the first quarter. Baillie Gifford & Co. now owns 2,928,696 shares of the company’s stock valued at $428,058,000 after buying an additional 222,920 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Snowflake by 406.5% during the fourth quarter. Invesco Ltd. now owns 2,441,112 shares of the company’s stock valued at $376,932,000 after buying an additional 1,959,137 shares during the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 424,852 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $219.35, for a total value of $93,191,286.20. Following the transaction, the director directly owned 165,507 shares in the company, valued at $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark Garrett sold 67,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $198.98, for a total value of $13,331,660.00. Following the completion of the sale, the director directly owned 7,428 shares of the company’s stock, valued at $1,478,023.44. The trade was a 90.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,698,258 shares of company stock valued at $586,482,906 over the last 90 days. 6.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on SNOW shares. CICC Research assumed coverage on shares of Snowflake in a report on Friday, June 20th. They set an “outperform” rating and a $225.00 target price for the company. Scotiabank reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. Citigroup reiterated an “outperform” rating on shares of Snowflake in a research report on Thursday, May 22nd. Hsbc Global Res cut shares of Snowflake from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 22nd. Finally, BTIG Research reissued a “buy” rating on shares of Snowflake in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirty-three have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $226.73.

Snowflake Trading Up 0.6%

Shares of SNOW opened at $220.12 on Thursday. Snowflake Inc. has a 52-week low of $107.13 and a 52-week high of $226.60. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.94. The firm’s fifty day moving average is $213.37 and its two-hundred day moving average is $182.01. The stock has a market cap of $73.49 billion, a PE ratio of -52.28 and a beta of 1.22.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. Research analysts forecast that Snowflake Inc. will post -2.36 earnings per share 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.