US Bancorp DE Increases Stock Holdings in Snowflake Inc. $SNOW

US Bancorp DE increased its holdings in shares of Snowflake Inc. (NYSE:SNOW) by 13.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 34,981 shares of the company’s stock after acquiring an additional 4,143 shares during the period. US Bancorp DE’s holdings in Snowflake were worth $7,828,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SNOW. Brighton Jones LLC lifted its position in shares of Snowflake by 90.0% during the 4th quarter. Brighton Jones LLC now owns 61,885 shares of the company’s stock valued at $9,556,000 after buying an additional 29,320 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Snowflake by 29.2% during the 1st quarter. Farther Finance Advisors LLC now owns 4,801 shares of the company’s stock valued at $718,000 after buying an additional 1,085 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Snowflake by 102.8% during the 1st quarter. GAMMA Investing LLC now owns 793 shares of the company’s stock valued at $116,000 after buying an additional 402 shares in the last quarter. CX Institutional purchased a new position in shares of Snowflake during the 1st quarter valued at approximately $42,000. Finally, NorthCrest Asset Manangement LLC lifted its position in shares of Snowflake by 47.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 11,486 shares of the company’s stock valued at $1,679,000 after buying an additional 3,701 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insiders Place Their Bets

In other Snowflake news, Director Frank Slootman sold 7,551 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total value of $1,670,583.24. Following the completion of the sale, the director directly owned 153,226 shares of the company’s stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christian Kleinerman sold 5,000 shares of the firm’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $250.00, for a total value of $1,250,000.00. Following the completion of the sale, the executive vice president directly owned 43,568 shares of the company’s stock, valued at $10,892,000. This trade represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,182,434 shares of company stock worth $270,280,661. 6.80% of the stock is currently owned by company insiders.

Snowflake Stock Down 3.3%

Shares of SNOW opened at $242.52 on Monday. Snowflake Inc. has a 52-week low of $113.23 and a 52-week high of $255.39. The company has a market capitalization of $82.17 billion, a PE ratio of -58.44 and a beta of 1.21. The stock has a fifty day simple moving average of $218.64 and a two-hundred day simple moving average of $199.11. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.96.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. Royal Bank Of Canada increased their target price on Snowflake from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Citigroup restated an “outperform” rating on shares of Snowflake in a report on Thursday, August 28th. Mizuho raised their price objective on Snowflake from $235.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Rosenblatt Securities raised their price objective on Snowflake from $210.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Finally, Guggenheim restated a “neutral” rating on shares of Snowflake in a report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $256.18.

Snowflake 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.