US Bancorp DE Sells 5,228 Shares of Snowflake Inc. (NYSE:SNOW)

US Bancorp DE decreased its position in shares of Snowflake Inc. (NYSE:SNOW) by 19.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 21,604 shares of the company’s stock after selling 5,228 shares during the quarter. US Bancorp DE’s holdings in Snowflake were worth $2,481,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB purchased a new position in Snowflake during the 1st quarter valued at about $258,957,000. AQR Capital Management LLC boosted its stake in shares of Snowflake by 210.0% during the second quarter. AQR Capital Management LLC now owns 974,576 shares of the company’s stock valued at $131,656,000 after purchasing an additional 660,168 shares in the last quarter. SG Americas Securities LLC increased its holdings in Snowflake by 471.9% during the third quarter. SG Americas Securities LLC now owns 761,697 shares of the company’s stock valued at $87,489,000 after buying an additional 628,511 shares during the period. Daiwa Securities Group Inc. raised its stake in Snowflake by 90.3% in the second quarter. Daiwa Securities Group Inc. now owns 1,265,367 shares of the company’s stock worth $170,938,000 after buying an additional 600,469 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Snowflake by 12,318.3% during the third quarter. International Assets Investment Management LLC now owns 530,883 shares of the company’s stock worth $60,977,000 after buying an additional 526,608 shares during the period. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Citigroup reduced their price target on Snowflake from $236.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, August 20th. Stifel Nicolaus decreased their price target on shares of Snowflake from $200.00 to $168.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Jefferies Financial Group cut their price objective on shares of Snowflake from $160.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. UBS Group decreased their target price on shares of Snowflake from $155.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group cut their price target on shares of Snowflake from $215.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average target price of $174.74.

Snowflake Trading Up 2.4 %

Snowflake stock opened at $116.44 on Wednesday. The firm has a market cap of $39.03 billion, a PE ratio of -38.07 and a beta of 0.83. The stock’s 50 day simple moving average is $114.61 and its two-hundred day simple moving average is $130.14. Snowflake Inc. has a 12 month low of $107.13 and a 12 month high of $237.72.

Snowflake (NYSE:SNOW) last released its quarterly earnings results on Wednesday, August 21st. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $868.80 million for the quarter, compared to analyst estimates 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 revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.52) earnings per share. On average, equities research analysts forecast that Snowflake Inc. will post -2.41 EPS for the current year.

Insider Activity

In related news, EVP Christian Kleinerman sold 30,000 shares of the company’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the transaction, the executive vice president now owns 721,755 shares of the company’s stock, valued at approximately $86,610,600. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Christian Kleinerman sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $120.00, for a total value of $3,600,000.00. Following the completion of the sale, the executive vice president now directly owns 721,755 shares in the company, valued at $86,610,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benoit Dageville sold 287 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $111.41, for a total value of $31,974.67. Following the transaction, the insider now owns 53,250 shares in the company, valued at $5,932,582.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,538 shares of company stock worth $5,249,994 in the last ninety days. Company insiders own 7.80% of the company’s stock.

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.