Wesbanco Bank Inc. Lowers Stock Holdings in Snowflake Inc. $SNOW

Wesbanco Bank Inc. cut its stake in shares of Snowflake Inc. (NYSE:SNOW) by 23.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,832 shares of the company’s stock after selling 4,500 shares during the quarter. Wesbanco Bank Inc.’s holdings in Snowflake were worth $3,319,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Snowflake in the 1st quarter valued at $26,000. CVA Family Office LLC increased its position in Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares in the last quarter. Spurstone Advisory Services LLC purchased a new position in shares of Snowflake during the 4th quarter worth $31,000. Capital A Wealth Management LLC purchased a new stake in Snowflake in the fourth quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC increased its position 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 acquiring an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.

Insider Buying and Selling at Snowflake

In related news, Director Frank Slootman sold 710,083 shares of the company’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $230.47, for a total value of $163,652,829.01. Following the completion of the sale, the director owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 3,224,389 shares of company stock worth $719,812,350 over the last quarter. Company insiders own 6.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNOW. DA Davidson restated a “buy” rating and issued a $250.00 target price on shares of Snowflake in a research note on Monday, August 25th. Wells Fargo & Company lifted their target price on Snowflake from $250.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Truist Financial upped their target price on Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. BTIG Research lifted their target price on Snowflake from $235.00 to $276.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Robert W. Baird boosted their price target on Snowflake from $215.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $255.53.

Snowflake Stock Down 1.5%

NYSE:SNOW opened at $221.17 on Monday. The stock’s fifty day moving average price is $212.83 and its two-hundred day moving average price is $189.20. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $74.93 billion, a price-to-earnings ratio of -53.29 and a beta of 1.22. Snowflake Inc. has a 52-week low of $108.71 and a 52-week high of $249.99.

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

Snowflake Company 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.