State of New Jersey Common Pension Fund D Purchases 5,663 Shares of Snowflake Inc. $SNOW

State of New Jersey Common Pension Fund D grew its position in shares of Snowflake Inc. (NYSE:SNOW) by 5.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 107,048 shares of the company’s stock after acquiring an additional 5,663 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Snowflake were worth $23,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of SNOW. Trust Co. of Toledo NA OH bought a new position in shares of Snowflake during the 2nd quarter valued at $25,000. Avion Wealth raised its position in Snowflake by 76.6% in the second quarter. Avion Wealth now owns 113 shares of the company’s stock worth $25,000 after acquiring an additional 49 shares during the period. Golden State Wealth Management LLC raised its position in Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares during the period. Whittier Trust Co. raised its position in Snowflake by 149.1% in the second quarter. Whittier Trust Co. now owns 137 shares of the company’s stock worth $31,000 after acquiring an additional 82 shares during the period. Finally, Tradewinds Capital Management LLC raised its position in Snowflake by 53.1% in the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock worth $36,000 after acquiring an additional 85 shares during the period. 65.10% of the stock is owned by institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the transaction, the director directly owned 165,507 shares of the company’s stock, valued at $38,144,398.29. This trade represents a 81.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the completion of the transaction, the executive vice president directly owned 527,336 shares of the company’s stock, valued at $123,132,956. The trade was a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,182,434 shares of company stock valued at $270,280,661. Corporate insiders own 6.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SNOW shares. Raymond James Financial increased their price target on shares of Snowflake from $212.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Needham & Company LLC raised their price objective on shares of Snowflake from $230.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Stifel Nicolaus raised their price objective on shares of Snowflake from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. JMP Securities restated a “market outperform” rating and set a $260.00 price objective on shares of Snowflake in a research report on Tuesday, August 26th. Finally, Bank of America upgraded shares of Snowflake from a “neutral” rating to a “buy” rating and raised their price objective for the company from $220.00 to $240.00 in a research report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $257.24.

Snowflake Stock Performance

Shares of NYSE SNOW opened at $257.84 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $87.36 billion, a P/E ratio of -62.13 and a beta of 1.21. The firm’s fifty day moving average is $227.78 and its two-hundred day moving average is $205.48. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $259.75.

Snowflake (NYSE:SNOW) last issued its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the company posted $0.18 EPS. The business’s revenue was up 31.8% on a year-over-year basis. As a group, analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current fiscal 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.