PNC Financial Services Group Inc. increased its holdings in Snowflake Inc. (NYSE:SNOW – Free Report) by 12.6% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,213 shares of the company’s stock after purchasing an additional 2,937 shares during the period. PNC Financial Services Group Inc.’s holdings in Snowflake were worth $3,953,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new stake in Snowflake in the fourth quarter worth $28,000. Greenline Wealth Management LLC purchased a new stake in Snowflake during the fourth quarter valued at about $29,000. Physician Wealth Advisors Inc. grew its stake in shares of Snowflake by 56.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 142 shares of the company’s stock valued at $31,000 after buying an additional 51 shares during the last quarter. Emerald Advisers LLC grew its stake in shares of Snowflake by 95.2% during the first quarter. Emerald Advisers LLC now owns 205 shares of the company’s stock valued at $31,000 after buying an additional 100 shares during the last quarter. Finally, MV Capital Management Inc. purchased a new position in shares of Snowflake in the fourth quarter worth about $32,000. Institutional investors own 65.10% of the company’s stock.
Analyst Ratings Changes
Several research firms have recently issued reports on SNOW. UBS Group reissued a “buy” rating on shares of Snowflake in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft increased their price target on shares of Snowflake from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Scotiabank lifted their price target on shares of Snowflake from $285.00 to $320.00 and gave the company a “sector outperform” rating in a research report on Monday, June 8th. Truist Financial boosted their price objective on shares of Snowflake from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, Evercore set a $200.00 price objective on shares of Snowflake in a report on Tuesday, April 14th. Thirty-four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Snowflake presently has a consensus rating of “Moderate Buy” and an average price target of $296.27.
Insider Activity at Snowflake
In other Snowflake news, Director Frank Slootman sold 99,900 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $251.73, for a total value of $25,147,827.00. Following the transaction, the director directly owned 28,535 shares in the company, valued at approximately $7,183,115.55. This trade represents a 77.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Emily Ho sold 1,860 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $232.25, for a total value of $431,985.00. Following the completion of the transaction, the chief accounting officer directly owned 41,283 shares in the company, valued at approximately $9,587,976.75. This represents a 4.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,802,015 shares of company stock valued at $421,739,629 in the last 90 days. 4.80% of the stock is owned by company insiders.
Snowflake Price Performance
Shares of SNOW opened at $272.89 on Tuesday. The company has a market capitalization of $94.58 billion, a P/E ratio of -77.52 and a beta of 1.35. The firm has a 50 day moving average of $241.28 and a 200 day moving average of $195.44. Snowflake Inc. has a twelve month low of $118.30 and a twelve month high of $284.99. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.18.
Snowflake (NYSE:SNOW – Get Free Report) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.32 billion. Snowflake had a negative return on equity of 50.50% and a negative net margin of 23.79%.The company’s quarterly revenue was up 33.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. As a group, equities research analysts anticipate that Snowflake Inc. will post -1.84 earnings per share for the current fiscal 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.
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