Illinois Municipal Retirement Fund Sells 3,158 Shares of Snowflake Inc. $SNOW

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

Several other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of Snowflake by 90.0% in the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock worth $9,556,000 after purchasing an additional 29,320 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Snowflake by 24.0% during the 1st quarter. Intech Investment Management LLC now owns 11,202 shares of the company’s stock valued at $1,637,000 after buying an additional 2,167 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Snowflake by 29.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 319 shares of the company’s stock valued at $47,000 after buying an additional 73 shares in the last quarter. Flow Traders U.S. LLC bought a new stake in Snowflake in the 2nd quarter worth approximately $221,000. Finally, The Manufacturers Life Insurance Company lifted its position in Snowflake by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,603 shares of the company’s stock worth $5,055,000 after buying an additional 1,521 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.

Insider Activity at Snowflake

In other Snowflake news, EVP Christian Kleinerman sold 2,500 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $258.56, for a total transaction of $646,400.00. Following the completion of the sale, the executive vice president owned 397,879 shares of the company’s stock, valued at $102,875,594.24. This represents a 0.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 343 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $255.11, for a total transaction of $87,502.73. Following the completion of the sale, the director directly owned 5,060 shares in the company, valued at approximately $1,290,856.60. This trade represents a 6.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,802,015 shares of company stock worth $421,739,629 over the last ninety days. Insiders own 4.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SNOW shares. Benchmark increased their price target on shares of Snowflake from $200.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Scotiabank boosted their price objective on shares of Snowflake from $285.00 to $320.00 and gave the stock a “sector outperform” rating in a report on Monday, June 8th. Wells Fargo & Company upped their price objective on shares of Snowflake from $210.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Snowflake from $230.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, Barclays lifted their target price on shares of Snowflake from $272.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Thirty-four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $296.27.

Snowflake Price Performance

Shares of Snowflake stock opened at $268.15 on Friday. 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 Inc. has a one year low of $118.30 and a one year high of $284.99. The business’s 50 day simple moving average is $239.11 and its two-hundred day simple moving average is $195.38. The stock has a market capitalization of $92.94 billion, a P/E ratio of -76.18 and a beta of 1.35.

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

Snowflake Company Profile

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.