Vestcor Inc Increases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Vestcor Inc grew its holdings in Snowflake Inc. (NYSE:SNOW) by 242.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,277 shares of the company’s stock after buying an additional 14,351 shares during the quarter. Vestcor Inc’s holdings in Snowflake were worth $2,964,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Snowflake by 90.0% in the fourth quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after purchasing an additional 29,320 shares during the period. Orion Portfolio Solutions LLC lifted its stake in shares of Snowflake by 29.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 6,581 shares of the company’s stock worth $1,016,000 after purchasing an additional 1,510 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of Snowflake by 500.0% during the fourth quarter. Brown Brothers Harriman & Co. now owns 300 shares of the company’s stock worth $46,000 after purchasing an additional 250 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Snowflake by 7.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 7,787 shares of the company’s stock valued at $1,254,000 after purchasing an additional 526 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in shares of Snowflake by 31.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 12,590 shares of the company’s stock worth $1,944,000 after purchasing an additional 2,985 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on SNOW shares. Evercore ISI reaffirmed a “buy” rating on shares of Snowflake in a research note on Wednesday, June 4th. Sanford C. Bernstein reissued a “market perform” rating on shares of Snowflake in a research note on Thursday, May 22nd. Truist Financial increased their price objective on Snowflake from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Bank of America raised their target price on Snowflake from $172.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Finally, KeyCorp reiterated an “overweight” rating on shares of Snowflake in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty-three have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $226.73.

Insider Buying and Selling at Snowflake

In related news, EVP Christian Kleinerman sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $218.89, for a total transaction of $2,188,900.00. Following the sale, the executive vice president directly owned 547,336 shares in the company, valued at approximately $119,806,377.04. This represents a 1.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 403 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $221.47, for a total transaction of $89,252.41. Following the completion of the sale, the director owned 26,539 shares in the company, valued at $5,877,592.33. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,698,258 shares of company stock valued at $586,482,906. 6.80% of the stock is owned by corporate insiders.

Snowflake Trading Up 0.6%

NYSE:SNOW opened at $220.12 on Thursday. Snowflake Inc. has a one year low of $107.13 and a one year high of $226.60. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a 50-day moving average of $213.37 and a 200-day moving average of $182.01. The company has a market cap of $73.49 billion, a PE ratio of -52.28 and a beta of 1.22.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Snowflake had a negative net margin of 36.43% and a negative return on equity of 37.75%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm earned $0.14 EPS. The company’s revenue was up 25.8% compared to the same quarter last year. As a group, equities research analysts expect that Snowflake Inc. will post -2.36 EPS for the current fiscal year.

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.