Employees Retirement System of Texas Increases Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Employees Retirement System of Texas boosted its position in Snowflake Inc. (NYSE:SNOW - Free Report) by 300.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 43,235 shares of the company's stock after purchasing an additional 32,435 shares during the period. Employees Retirement System of Texas' holdings in Snowflake were worth $6,676,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Groupama Asset Managment acquired a new position in Snowflake during the third quarter valued at approximately $25,000. Stonebridge Financial Group LLC bought a new stake in shares of Snowflake during the 4th quarter worth $29,000. Quadrant Capital Group LLC boosted its stake in Snowflake by 74.6% in the fourth quarter. Quadrant Capital Group LLC now owns 213 shares of the company's stock valued at $33,000 after buying an additional 91 shares in the last quarter. Blue Bell Private Wealth Management LLC grew its position in Snowflake by 189.5% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 220 shares of the company's stock valued at $34,000 after acquiring an additional 144 shares during the last quarter. Finally, Perkins Coie Trust Co raised its stake in Snowflake by 136.3% during the fourth quarter. Perkins Coie Trust Co now owns 241 shares of the company's stock worth $37,000 after acquiring an additional 139 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SNOW. Rosenblatt Securities increased their price target on Snowflake from $186.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Wells Fargo & Company lifted their price target on Snowflake from $210.00 to $215.00 and gave the company an "overweight" rating in a research note on Thursday, February 27th. Truist Financial dropped their price objective on shares of Snowflake from $225.00 to $210.00 and set a "buy" rating for the company in a report on Monday, March 31st. Daiwa Capital Markets began coverage on shares of Snowflake in a report on Tuesday, April 1st. They set a "buy" rating and a $210.00 target price on the stock. Finally, KeyCorp upped their target price on Snowflake from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Thursday, February 27th. Ten research analysts have rated the stock with a hold rating, thirty have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $201.84.

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Snowflake Price Performance

NYSE SNOW traded up $0.39 during trading on Friday, reaching $144.84. The company's stock had a trading volume of 4,084,734 shares, compared to its average volume of 6,444,161. The stock has a market capitalization of $47.81 billion, a PE ratio of -42.72 and a beta of 1.13. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Snowflake Inc. has a one year low of $107.13 and a one year high of $194.40. The firm has a fifty day moving average of $163.16 and a 200 day moving average of $153.53.

Insider Activity

In other news, CFO Michael Scarpelli sold 300,000 shares of the business's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $163.21, for a total value of $48,963,000.00. Following the completion of the sale, the chief financial officer now owns 292,610 shares of the company's stock, valued at approximately $47,756,878.10. The trade was a 50.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Slootman sold 127,247 shares of Snowflake stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $176.25, for a total value of $22,427,283.75. Following the completion of the transaction, the director now directly owns 195,281 shares in the company, valued at $34,418,276.25. This trade represents a 39.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 491,589 shares of company stock worth $82,405,796. 7.80% of the stock is currently owned by insiders.

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.