Private Trust Co. NA Raises Position in Snowflake Inc. $SNOW

Private Trust Co. NA raised its stake in shares of Snowflake Inc. (NYSE:SNOW) by 1,247.7% during the second quarter, HoldingsChannel reports. The firm owned 876 shares of the company’s stock after buying an additional 811 shares during the quarter. Private Trust Co. NA’s holdings in Snowflake were worth $196,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SNOW. Trust Co. of Toledo NA OH purchased a new stake in shares of Snowflake in the second quarter worth approximately $25,000. Golden State Wealth Management LLC raised its holdings in shares of Snowflake by 748.0% in the first quarter. Golden State Wealth Management LLC now owns 212 shares of the company’s stock worth $31,000 after buying an additional 187 shares during the period. Tradewinds Capital Management LLC raised its holdings in shares of Snowflake by 53.1% in the first quarter. Tradewinds Capital Management LLC now owns 245 shares of the company’s stock worth $36,000 after buying an additional 85 shares during the period. Alpine Bank Wealth Management purchased a new stake in shares of Snowflake in the first quarter worth approximately $43,000. Finally, MRP Capital Investments LLC purchased a new stake in shares of Snowflake in the first quarter worth approximately $44,000. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snowflake

In other Snowflake news, SVP Vivek Raghunathan sold 11,801 shares of the stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $223.22, for a total transaction of $2,634,219.22. Following the sale, the senior vice president owned 241,854 shares of the company’s stock, valued at approximately $53,986,649.88. This trade represents a 4.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael L. Speiser sold 2,976 shares of the stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $236.01, for a total value of $702,365.76. Following the sale, the director directly owned 34,436 shares in the company, valued at $8,127,240.36. This trade represents a 7.95% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have 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 Up 0.8%

Shares of NYSE SNOW opened at $247.52 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $83.86 billion, a PE ratio of -59.64 and a beta of 1.21. The stock’s fifty day simple moving average is $224.55 and its two-hundred day simple moving average is $203.51. Snowflake Inc. has a 12-month low of $113.23 and a 12-month high of $255.39.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SNOW shares. The Goldman Sachs Group increased their price target on Snowflake from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Royal Bank Of Canada increased their price target on Snowflake from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Thursday, August 28th. Needham & Company LLC increased their price objective on Snowflake from $230.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Cantor Fitzgerald increased their price objective on Snowflake from $242.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Finally, Barclays increased their price objective on Snowflake from $219.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Snowflake currently has a consensus rating of “Moderate Buy” and an average target price of $257.24.

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.