Canada Pension Plan Investment Board Sells 41,557 Shares of Snowflake Inc. (NYSE:SNOW)

Canada Pension Plan Investment Board lessened its position in Snowflake Inc. (NYSE:SNOW) by 18.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 184,596 shares of the company’s stock after selling 41,557 shares during the quarter. Canada Pension Plan Investment Board owned 0.06% of Snowflake worth $24,937,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado grew its stake in shares of Snowflake by 3.9% during the second quarter. Public Employees Retirement Association of Colorado now owns 41,872 shares of the company’s stock valued at $5,656,000 after buying an additional 1,560 shares during the last quarter. GM Advisory Group LLC grew its stake in shares of Snowflake by 41.5% during the second quarter. GM Advisory Group LLC now owns 3,564 shares of the company’s stock valued at $481,000 after buying an additional 1,045 shares during the last quarter. Ieq Capital LLC grew its stake in shares of Snowflake by 1.5% during the second quarter. Ieq Capital LLC now owns 974,541 shares of the company’s stock valued at $131,651,000 after buying an additional 14,753 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Snowflake by 2.8% during the second quarter. Intech Investment Management LLC now owns 18,922 shares of the company’s stock valued at $2,556,000 after buying an additional 522 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Snowflake during the second quarter valued at about $3,772,000. Institutional investors own 65.10% of the company’s stock.

Snowflake Stock Down 3.3 %

Shares of SNOW opened at $110.27 on Monday. The company has a market capitalization of $36.96 billion, a P/E ratio of -39.38 and a beta of 0.83. The firm has a 50 day moving average of $120.87 and a 200 day moving average of $139.36. Snowflake Inc. has a twelve month low of $107.13 and a twelve month high of $237.72.

Snowflake (NYSE:SNOW) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative net margin of 31.73% and a negative return on equity of 19.62%. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.52) earnings per share. On average, sell-side analysts expect that Snowflake Inc. will post -2.42 EPS for the current year.

Insider Activity at Snowflake

In related news, insider Benoit Dageville sold 1,946 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total transaction of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company’s stock, valued at $6,156,469.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snowflake news, insider Benoit Dageville sold 1,946 shares of Snowflake stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $114.39, for a total value of $222,602.94. Following the completion of the sale, the insider now owns 53,820 shares of the company’s stock, valued at approximately $6,156,469.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the sale, the executive vice president now directly owns 759,473 shares of the company’s stock, valued at approximately $83,511,651.08. The disclosure for this sale can be found here. Insiders sold 517,203 shares of company stock valued at $63,833,373 over the last 90 days. Corporate insiders own 7.80% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SNOW shares. The Goldman Sachs Group reaffirmed a “buy” rating and set a $220.00 price objective on shares of Snowflake in a research note on Monday, July 1st. Citigroup reduced their price objective on Snowflake from $236.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. DA Davidson reduced their price objective on Snowflake from $230.00 to $175.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Scotiabank dropped their target price on shares of Snowflake from $195.00 to $165.00 and set a “sector outperform” rating for the company in a report on Thursday, August 22nd. Finally, Royal Bank of Canada dropped their target price on shares of Snowflake from $226.00 to $183.00 and set an “outperform” rating for the company in a report on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.03.

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.